I know how to calculate PF, but in case one employee is getting a basic salary of more than 6500/- per month, how should his PF, EPF, EDLIS, etc., be calculated?
For example:
- Basic: 12000
- D.A: 1615
Can anybody tell me the amount of contribution for the following accounts:
A/c - 1
A/c - 2
A/c - 10
A/c - 21
A/c - 22
From India, Nasik
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For example:
- Basic: 12000
- D.A: 1615
Can anybody tell me the amount of contribution for the following accounts:
A/c - 1
A/c - 2
A/c - 10
A/c - 21
A/c - 22
From India, Nasik
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Well, if anyone is earning more than 6500, there are two conditions to consider:
1. If the employee is receiving PF and their basic salary exceeds 6500, they must contribute.
2. If the basic salary has been above 6500 from the beginning, the company, if willing to deduct their PF, can do so under the following conditions:
A. Deduct based on the actual basic salary, regardless of whether it is above or below 6500.
B. If the employee's basic salary is above 6500, deductions should be limited to 6500.
Both conditions are correct.
From India, Jaipur
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831. If the employee is receiving PF and their basic salary exceeds 6500, they must contribute.
2. If the basic salary has been above 6500 from the beginning, the company, if willing to deduct their PF, can do so under the following conditions:
A. Deduct based on the actual basic salary, regardless of whether it is above or below 6500.
B. If the employee's basic salary is above 6500, deductions should be limited to 6500.
Both conditions are correct.
From India, Jaipur
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Hi all,
How to calculate PF?
For example, if one person's gross pay is 7000/-, then the basic + DA will be around 4200/-. We calculate PF (12%) on (basic + DA) from both the employee and employer, which equals 4200 * 12% = 480/-.
ESI: Calculation is done on the gross salary. For instance, if the gross salary is 7000, we calculate ESI at 1.75% from the employee and 4.75% from the employer. This results in ESI being 123/- from the employee and 333/- from the employer.
Professional tax: According to Form-5, specific details can be obtained. For a gross salary of 7000/-, professional tax will be 80/-. These amounts are deducted from the gross salary, and the remaining deductions are referred to as take-home pay or net salary.
Including employer contributions is termed CTC (Cost to Company).
If there are any mistakes, please point them out.
Thanks & regards,
Ratnakar
From India, Hyderabad
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How to calculate PF?
For example, if one person's gross pay is 7000/-, then the basic + DA will be around 4200/-. We calculate PF (12%) on (basic + DA) from both the employee and employer, which equals 4200 * 12% = 480/-.
ESI: Calculation is done on the gross salary. For instance, if the gross salary is 7000, we calculate ESI at 1.75% from the employee and 4.75% from the employer. This results in ESI being 123/- from the employee and 333/- from the employer.
Professional tax: According to Form-5, specific details can be obtained. For a gross salary of 7000/-, professional tax will be 80/-. These amounts are deducted from the gross salary, and the remaining deductions are referred to as take-home pay or net salary.
Including employer contributions is termed CTC (Cost to Company).
If there are any mistakes, please point them out.
Thanks & regards,
Ratnakar
From India, Hyderabad
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Thanks a lots for the information. Will you please provide list of two and three wheeler parts manufacture companies at Maharashtra which company manufacture ? Plz its urgent Thanks, Rashmi
From India, Mumbai
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From India, Mumbai
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Well, if anyone's gross salary is greater than 15000.00, the condition for ESIC does not apply. If the basic salary is greater than 6500.00, there are two conditions to consider:
A. Deduct based on the actual basic salary.
B. Restrict the calculation up to 6500.00.
From India, Jaipur
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A. Deduct based on the actual basic salary.
B. Restrict the calculation up to 6500.00.
From India, Jaipur
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Hi, I have one doubt. If the basic salary is 15000, then what would be the employee's contribution at 12%, i.e., 15000 * 12% = 1800? The employer's contributions for EPF are 8.33% and for EPS are 3.67%, i.e., 15000 * 8.33% = 1250 and 15000 * 3.67% = 550. Is the above calculation correct or incorrect?
From India
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From India
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hi....reshma pls. go through the file attached below of Minimum Wages + Spl. allowances As per the zone wise in MAharashtra Shrikant Talawar
From India, Pune
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From India, Pune
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Dear Nitesh,
I agree with your opinion. Could you please confirm if there is any percentage of expenses distribution in the Profit & Loss account? For example, Salary equals 12% of sales/GP, Wages account for 25% of sales, and Office Expenses amount to 5% of sales.
Please email me at nk96093@gmail.com. Thank you.
Kind regards,
[Your Name]
From India, Chennai
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I agree with your opinion. Could you please confirm if there is any percentage of expenses distribution in the Profit & Loss account? For example, Salary equals 12% of sales/GP, Wages account for 25% of sales, and Office Expenses amount to 5% of sales.
Please email me at nk96093@gmail.com. Thank you.
Kind regards,
[Your Name]
From India, Chennai
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