Our company is deducting P.f on full basic salary and my question is that how we calculate the amount of A/C no.2,10 & 21. (i.e we will give the contribution on 6500/- or full basic salary on which p.fis depositing.
Mr.Malik & Mr.Khola, looking for your comments.
Thanks,
(Sahil Kukreja)
From India, Delhi
10Mr.Malik & Mr.Khola, looking for your comments.
Thanks,
(Sahil Kukreja)
From India, Delhi
in pf we give our contribution on actual amount of basic salary 6500 is limit
deduction would be 12% from your basic and 13.61 from employer side
here 12% is amount and 1.61 is administrative charges which a company has to pay to maintain account
there will not be any other deduction
From India, Panipat
deduction would be 12% from your basic and 13.61 from employer side
here 12% is amount and 1.61 is administrative charges which a company has to pay to maintain account
there will not be any other deduction
From India, Panipat
Thanks Saritaji,
But my question is that the companies who are depositing p.f on full basic means if any employee is getting basic salary 20000/- then his 12% share and employer 12% share is depositing 4800/- to p.f department now please tell me rest of the 1.61% how we willcalculate either on 6500/-or on 20000/-?
Thanks
(Sahil)
From India, Delhi
But my question is that the companies who are depositing p.f on full basic means if any employee is getting basic salary 20000/- then his 12% share and employer 12% share is depositing 4800/- to p.f department now please tell me rest of the 1.61% how we willcalculate either on 6500/-or on 20000/-?
Thanks
(Sahil)
From India, Delhi
Hi,
The basic ceiling limit is Rs.6500/- for PF calculation, and the administrative charges should be paid for the amount which calculated for 12% (I.e , if he contribute for Rs.6500/- it should calculate for 6500 , and If he paid for full basic salary Rs.20000/- the admin charges should calculate for 20k only.
Regards,
Dhanasekaran.
From India, Madras
The basic ceiling limit is Rs.6500/- for PF calculation, and the administrative charges should be paid for the amount which calculated for 12% (I.e , if he contribute for Rs.6500/- it should calculate for 6500 , and If he paid for full basic salary Rs.20000/- the admin charges should calculate for 20k only.
Regards,
Dhanasekaran.
From India, Madras
Hi,
Let us take 20000 per month salary okay
20000 Basic Pay is 45% let us consider
It will come 9000 is the basic of 20000.
so, u should calculate 6500 because the maximum limit is 6500, if that employee interested to pay more means u can deduct otherwise 6500 ly.
now the basic is 6500/-
in that 12% means 780 rupees for employee contribution
remaining 12% is employer contribution is 780
so total amount is 780+780 = 1560 rupees
Now u have to calculate administration charges
tat is 1.10% and 0.01% in Basic sal
1.10 % in Basic = 6500*1.10% = 71.5
0.01 % in Basic = 6500*0.01% = 65
Total amount should pay in PF Office is = 780+780+71.5+65 = 1701.
You got the calculation
By
Prasad
9841099760.
From India, Madras
Let us take 20000 per month salary okay
20000 Basic Pay is 45% let us consider
It will come 9000 is the basic of 20000.
so, u should calculate 6500 because the maximum limit is 6500, if that employee interested to pay more means u can deduct otherwise 6500 ly.
now the basic is 6500/-
in that 12% means 780 rupees for employee contribution
remaining 12% is employer contribution is 780
so total amount is 780+780 = 1560 rupees
Now u have to calculate administration charges
tat is 1.10% and 0.01% in Basic sal
1.10 % in Basic = 6500*1.10% = 71.5
0.01 % in Basic = 6500*0.01% = 65
Total amount should pay in PF Office is = 780+780+71.5+65 = 1701.
You got the calculation
By
Prasad
9841099760.
From India, Madras
Dear Sahil
If the employer and employee both the contributions are on the full basic then you have to calculate all the Admin/Inspection charges for the full amount itself.
Eg If basic is 20000 then both employer as well as employee contribution will be 2400+2400. Admin / Inspection charges of 1.61% is on 20000/- that is 322.
For further clarifications you can call me
Hope now you are clear.
Jeeva
09343753361
From India, Bangalore
If the employer and employee both the contributions are on the full basic then you have to calculate all the Admin/Inspection charges for the full amount itself.
Eg If basic is 20000 then both employer as well as employee contribution will be 2400+2400. Admin / Inspection charges of 1.61% is on 20000/- that is 322.
For further clarifications you can call me
Hope now you are clear.
Jeeva
09343753361
From India, Bangalore
Dear SahilKukreja
Hi I think you will satisfy with the folloing calculations.
If The Salary is Rs. 20,000/- & from both Employer & Employee are ready to deduct PF on Said Salary then it will as follows.
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 2400/- 1859/- 541/- 4800/-
If Only Employee is ready than
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 2400/- 239/- 541/- 3180/-
As per limitation under PF
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 780/- 239/- 541/- 1560/-
From India, Surat
Hi I think you will satisfy with the folloing calculations.
If The Salary is Rs. 20,000/- & from both Employer & Employee are ready to deduct PF on Said Salary then it will as follows.
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 2400/- 1859/- 541/- 4800/-
If Only Employee is ready than
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 2400/- 239/- 541/- 3180/-
As per limitation under PF
Wages Worker PF Emplyr PF Emplyr FPF Total
20,000/- 780/- 239/- 541/- 1560/-
From India, Surat
Hi Sahil,
You are required to pay the Admin. charges of 1.1% on the Actual Basic salary for which PF Contribution is paid. i.e. on the entire 20,000/-. (This is A/c. No.2)
Where as A/c. No. 21 (0.5%) towards EDLI (Employees' Deposit Linked Insurance) & 22 (0.01%) (Admin. charges for EDLI) are required to be paid only upto 6,500/= and not on 20,000/-.
In case if you are already paying on the whole Basic, you may as well correct it and start paying on the restricted Basic with immediate effect.
In case if you organisation is large enough (say atleast 50 or more), then you may opt out of EDLI payable to the EPF office, and shift it to LIC, which will save your EDLI amount payable to the department, and also you get a better insurance cover than the EPF Office.
K.Ramesh, UCS
From India, Bangalore
You are required to pay the Admin. charges of 1.1% on the Actual Basic salary for which PF Contribution is paid. i.e. on the entire 20,000/-. (This is A/c. No.2)
Where as A/c. No. 21 (0.5%) towards EDLI (Employees' Deposit Linked Insurance) & 22 (0.01%) (Admin. charges for EDLI) are required to be paid only upto 6,500/= and not on 20,000/-.
In case if you are already paying on the whole Basic, you may as well correct it and start paying on the restricted Basic with immediate effect.
In case if you organisation is large enough (say atleast 50 or more), then you may opt out of EDLI payable to the EPF office, and shift it to LIC, which will save your EDLI amount payable to the department, and also you get a better insurance cover than the EPF Office.
K.Ramesh, UCS
From India, Bangalore
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