Hi , i prepared one Full & Final Settlement format. all are requested to check and give me your valuble feedback if any..... according to that i can update it. Thanks, :D
From India, Hyderabad
4From India, Hyderabad
Hi Swarup,
This format is really comeout very well, I am sure you may have done lot of research before preparing it.
You had almost cover all the necessary heads for F&F settelment.
I am not sure whether your Co. has LTA & Medical Allowance & Hospitalisation claim for their employees. (In general Medical allowance upto Rs.15,000/- is excempted from Tax, so many Co. pays it separately and didn't show it on pay slip.)
If LTA & Medical is there, then the Balance amount of LTA & Medical should be reflected on the format.
One more thing, you have shown 'reversal of PF Deduction' from Salary, it means you are refunding the deducted PF amount to the employee.
In general and also in our Co. we never refund the PF amount once deducted from the salary, even when the employee is leaving us.
I am attaching another format, just for your reference.
Overall, Good work done!
Regards,
Mustaq
This format is really comeout very well, I am sure you may have done lot of research before preparing it.
You had almost cover all the necessary heads for F&F settelment.
I am not sure whether your Co. has LTA & Medical Allowance & Hospitalisation claim for their employees. (In general Medical allowance upto Rs.15,000/- is excempted from Tax, so many Co. pays it separately and didn't show it on pay slip.)
If LTA & Medical is there, then the Balance amount of LTA & Medical should be reflected on the format.
One more thing, you have shown 'reversal of PF Deduction' from Salary, it means you are refunding the deducted PF amount to the employee.
In general and also in our Co. we never refund the PF amount once deducted from the salary, even when the employee is leaving us.
I am attaching another format, just for your reference.
Overall, Good work done!
Regards,
Mustaq
Thank You so much Mr.Mustaq & Vijay !!!!!
Dear Mr.Mustaq,
Thanks for your keen observation. You see once the format, the Reversal of PF Deductions cell linked with "f24". In some organizations especially Hospitals there is no deduction for Consultants , above 55 age group staff. for those it can apply.
FYI
Swaroop
From India, Hyderabad
Dear Mr.Mustaq,
Thanks for your keen observation. You see once the format, the Reversal of PF Deductions cell linked with "f24". In some organizations especially Hospitals there is no deduction for Consultants , above 55 age group staff. for those it can apply.
FYI
Swaroop
From India, Hyderabad
Hi Swaroop and Mustaq,
Nice work i was in need of such statement and I got it through your posting. But Swaroop in almost every organization LTA is paid as yearly componant which is not included in your format. I think the same query was raised by Mustaq.
Anyways thanks for the nice posting
Shweta
From India, Mumbai
Nice work i was in need of such statement and I got it through your posting. But Swaroop in almost every organization LTA is paid as yearly componant which is not included in your format. I think the same query was raised by Mustaq.
Anyways thanks for the nice posting
Shweta
From India, Mumbai
Dear thiyagaraj,
Thanks for your response. Basically, After submission of Resignation letter duly approved by concerned Reporting Authority/Head then we will go for Exit Interview or No Dues formalities (As per Org Rules/Reg/Procedure). Once the employee's accepted resignation letter received by HRD, next procedure is Exit Interview... later, No dues.... based on that HR can prepare Full&Final settlement. (As per my knowledge). After everything finished, HR will close the file along with a set of following. (HR GUYS ARE REQUESTED TO EDUCATE ME IN THIS REGARD)
1.Accepted Resignation letter
2.Exit Interview
3.No Dues Certificate
4.Copy of Issued Service Certificate/Relieving Letter
5.Payslip of the Current month
6.Full & Final Settlement
7.All documents of the Employees' service file
Thank You
Swaroop
From India, Hyderabad
Thanks for your response. Basically, After submission of Resignation letter duly approved by concerned Reporting Authority/Head then we will go for Exit Interview or No Dues formalities (As per Org Rules/Reg/Procedure). Once the employee's accepted resignation letter received by HRD, next procedure is Exit Interview... later, No dues.... based on that HR can prepare Full&Final settlement. (As per my knowledge). After everything finished, HR will close the file along with a set of following. (HR GUYS ARE REQUESTED TO EDUCATE ME IN THIS REGARD)
1.Accepted Resignation letter
2.Exit Interview
3.No Dues Certificate
4.Copy of Issued Service Certificate/Relieving Letter
5.Payslip of the Current month
6.Full & Final Settlement
7.All documents of the Employees' service file
Thank You
Swaroop
From India, Hyderabad
Hi Swarup,
Nice details on Full and final Settlement.
Also you can put one column for No Dues related to Companies Accessories like laptops, Mobile phones etc that were provided during employement. This you can get from the respective department Heads.
Regards,
RAchna Sinha
From India, Hyderabad
Nice details on Full and final Settlement.
Also you can put one column for No Dues related to Companies Accessories like laptops, Mobile phones etc that were provided during employement. This you can get from the respective department Heads.
Regards,
RAchna Sinha
From India, Hyderabad
Dear Swarup,
Nice work. Few things I think should be included in f & f and supporting documents.
1. You should include one colomn for Previous Tax free Previliage Leave received.
2. Previous Tax free gratuity received.
As there is a life time Tax free limit for Leave encashment and Gratuity i.e. 300000/- & 350000/- respectively. It will help you to calculate the accurate tax liability of the employee. Otherwise in IT assessment the company may have to face some problem.
And in supportings you should collect all his investment proofs as per his declaration to calculate the tax liability. You cant calculate the tax without proof or based on the investment declaration while doing F & F.
Regards,
Chetan
Nice work. Few things I think should be included in f & f and supporting documents.
1. You should include one colomn for Previous Tax free Previliage Leave received.
2. Previous Tax free gratuity received.
As there is a life time Tax free limit for Leave encashment and Gratuity i.e. 300000/- & 350000/- respectively. It will help you to calculate the accurate tax liability of the employee. Otherwise in IT assessment the company may have to face some problem.
And in supportings you should collect all his investment proofs as per his declaration to calculate the tax liability. You cant calculate the tax without proof or based on the investment declaration while doing F & F.
Regards,
Chetan
Hi
Very useful info.
One suggestion
In the declaration part I __ TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :______-received / paid Amount towards my Full & Final Settlement as mentioned above also I checked this statement throughly and declare that no further complications / complaints regarding this settlement ,
can you make the link to TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :
Thanks
From India, Madras
Very useful info.
One suggestion
In the declaration part I __ TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :______-received / paid Amount towards my Full & Final Settlement as mentioned above also I checked this statement throughly and declare that no further complications / complaints regarding this settlement ,
can you make the link to TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :
Thanks
From India, Madras
Hai
I am working in Engineering College we have received advance for Remeunaration purpose as advance from University we have to settle the account. I have prepared the account in excel and tallied. I have to enclose one covering letter for this. Please guide me for the same.
From India
I am working in Engineering College we have received advance for Remeunaration purpose as advance from University we have to settle the account. I have prepared the account in excel and tallied. I have to enclose one covering letter for this. Please guide me for the same.
From India
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Full n final settlement.doc