your breakup for 5000 salary basic 2000(40% of gross) HRA 1000(50% as you are in metro) conv 800 special allowance 960 decuction PF 240 total 5000 correct me if i am wrong
From India, Delhi
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77From India, Delhi
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Hi imok, can you explain why you put PF deduction? My firm has 5 people and therefore, no PF .. right?
From India, Mumbai
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From India, Mumbai
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PF is applicable if:
1. Your Basic plus DA is 6500 or less.
2. Your age is less than 58 years.
Attribution: https://www.citehr.com/258537-pf-eli...#ixzz1rKkzQvfV
From India, Delhi
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1. Your Basic plus DA is 6500 or less.
2. Your age is less than 58 years.
Attribution: https://www.citehr.com/258537-pf-eli...#ixzz1rKkzQvfV
From India, Delhi
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Is PF the same as EPF? There is no compulsion for EPF for companies with less than 10 employees according to this site: EPFO
From India, Mumbai
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From India, Mumbai
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You are correct that there is no compulsion, but it is necessary for employees' future security. Anyways, you can consider the following options: increase the amount in special allowance, or if you prefer to show a deduction, allocate the PF amount to insurance deduction.
From India, Delhi
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From India, Delhi
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Dear,
First of all, you have to see whether you are receiving the minimum wages as per your designation. You need to refer to the minimum wages GO and mention the basic plus DA as per the gazette, and any remaining balance amount can be allocated to other categories.
For example, if the minimum wage is 3800 and DA is 800, your breakdown should be as follows:
- Basic: 3800
- DA: 800
- Conveyance: 400
However, I hope that you are receiving the minimum wages. Nowadays, the minimum wages are on the higher side, around Rs. 5000.
Thank you.
From India, Mumbai
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First of all, you have to see whether you are receiving the minimum wages as per your designation. You need to refer to the minimum wages GO and mention the basic plus DA as per the gazette, and any remaining balance amount can be allocated to other categories.
For example, if the minimum wage is 3800 and DA is 800, your breakdown should be as follows:
- Basic: 3800
- DA: 800
- Conveyance: 400
However, I hope that you are receiving the minimum wages. Nowadays, the minimum wages are on the higher side, around Rs. 5000.
Thank you.
From India, Mumbai
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EPF attracts on employees go 20 or more in any month preceding the last 12 months. You may follow the list provided by Vikram; you have to deduct PT (Professional Tax). Please check the slab with your CA and mention this deduction in the salary slip.
Dilip
From India, Surat
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Dilip
From India, Surat
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But professional tax is applicable for a monthly salary of $5001 and higher. Therefore, there is no EPF, no PTax, and no TDS. Can 'deductions' in the salary slip look like this: EPF-0, PT-0, TDS-0? Or does it look weird?
From India, Mumbai
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From India, Mumbai
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make sure your are not getting lower than minimum wages, but deduction can be done for insurance.
From India, Delhi
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From India, Delhi
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