Dear All,
Please find attached 21Useful Chart for TAX Compliance..
also I have a query about EPF Employer Contribution. According to this chart page no.13. 8.33% or Max Rs.541 Pension Fund, EDLI 0.5% of Basic+DA or Max Rs.32.50 and EDLI admin Charges 0.01% of Basic+DA or Max Rs.0.65.
Now my query is, if a employee’s Basic+DA is Rs.8000 than what is contribution of Employee’s and Employer’s
For Exp: 8000*12% =960 Employee’s contribution
8000*3.67% =294 PF Employer contribution
6500*8.33%= 541 Pension Contribution
8000*1.1%= 88 Admin Charges PF
6500*0.5%= 32.5 EDLI
6500*0.01%=0.65 Admin Charges of EDLI
Now Total= Employee’s contribution is 960+ Employer’s Contribution is 956.15= Rs.1916.15.
Is it right or wrong please confirm us.
Thanks,
Regards,
J.N.Modi
From India, New Delhi
17Please find attached 21Useful Chart for TAX Compliance..
also I have a query about EPF Employer Contribution. According to this chart page no.13. 8.33% or Max Rs.541 Pension Fund, EDLI 0.5% of Basic+DA or Max Rs.32.50 and EDLI admin Charges 0.01% of Basic+DA or Max Rs.0.65.
Now my query is, if a employee’s Basic+DA is Rs.8000 than what is contribution of Employee’s and Employer’s
For Exp: 8000*12% =960 Employee’s contribution
8000*3.67% =294 PF Employer contribution
6500*8.33%= 541 Pension Contribution
8000*1.1%= 88 Admin Charges PF
6500*0.5%= 32.5 EDLI
6500*0.01%=0.65 Admin Charges of EDLI
Now Total= Employee’s contribution is 960+ Employer’s Contribution is 956.15= Rs.1916.15.
Is it right or wrong please confirm us.
Thanks,
Regards,
J.N.Modi
From India, New Delhi
Dear Modi
Thanks for sharing nice useful material friend
Basic = Rs.8000/-. 12 % Employee PF = Rs.960/-. 12% - Rs.541/- = Rs.419/- Employer PF. Rs.541/- or 8.33% EPS = Rs.541/-. You can calculate the EDLI and Administrative charges for Rs. 8000/- and not on Rs. 6500/-.
Hope you got understand the calculation Jay
From India, Kumbakonam
Thanks for sharing nice useful material friend
Basic = Rs.8000/-. 12 % Employee PF = Rs.960/-. 12% - Rs.541/- = Rs.419/- Employer PF. Rs.541/- or 8.33% EPS = Rs.541/-. You can calculate the EDLI and Administrative charges for Rs. 8000/- and not on Rs. 6500/-.
Hope you got understand the calculation Jay
From India, Kumbakonam
Dear Jaynarayan, Thank you for very useful and consolidated information furnished in a simple and clear manner . Thanks once again. Regards, Balusatya
From India, Madras
From India, Madras
Dear Sir, Thanks you very much for Immediate reply, as same please find attached EFP Challan, Please check it and confirm us is it right or wrong? Thanks, Regards, J.N.Modi
From India, New Delhi
From India, New Delhi
pf challan formet is very good.there is no change in it. it will be useful in any organization.
From India, Calcutta
From India, Calcutta
Your interpretation of guidelines and filling of the Challan the is WRONG.
It should be the following:
For Employee: 8000*12% = Rs 960 contribution for PF
For Employer: 8000*13.61% = Rs 1089 contribution (Pension Fund 8.33% upto Max Rs 6500 : Rs 542 + PF: Rs 418 + EDLI / Admin Charges @ 1.61% as per the breakup = Rs 129
TOTAL: 542+418+129= Rs 1089).
(The round-off to the higher Rupee for each element may be more than Rs 1089)
Rajusiachen
From India, Coimbatore
It should be the following:
For Employee: 8000*12% = Rs 960 contribution for PF
For Employer: 8000*13.61% = Rs 1089 contribution (Pension Fund 8.33% upto Max Rs 6500 : Rs 542 + PF: Rs 418 + EDLI / Admin Charges @ 1.61% as per the breakup = Rs 129
TOTAL: 542+418+129= Rs 1089).
(The round-off to the higher Rupee for each element may be more than Rs 1089)
Rajusiachen
From India, Coimbatore
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv