Hi!
Need clarification on PF details.
As per our salary slip we are maintaining PF details in that the contribution of both Employee & Employer is deducted from our salary and with the help of salary slip each and every one has maintained the records of PF. The deductions of both employer and employee has been added and arrived to one figure for the financial year. i.e. Mar - Mar so this is how we have maintained our records. Now we have received our PF slip from the department and its confusing.
PF details enclosed:
Below are the details of PF received from the department.
For the year 2007-2008
Opening Balance - Both Employee & Employer & Interest
Employee - 2729 + 412
Employer - 1280 + 164
Contribution During the Year
Employee - 4752
Employer - 1456
Closing Balance
Employee - 7893
Employer - 2900
For the year 2008-2009
Opening Balance - Both Employee & Employer & Interest
Employee - 7893 + 869
Employer - 2900 + 307
Contribution During the Year
Employee - 5136
Employer - 1570
Closing Balance
Employee - 19898
Employer - 4777
For the year 2009-2010
Opening Balance - Both Employee & Employer & Interest
Employee - 13898 + 1383
Employer - 4777 + 468
Contribution During the Year
Employee - 5184
Employer - 1584
Closing Balance
Employee - 20465
Employer - 6829
I would like to know how is it been calculated and what are the formulas used for the same.
Awaiting seniors to help me.
Regards,
Sapna
From India, Bangalore
5Need clarification on PF details.
As per our salary slip we are maintaining PF details in that the contribution of both Employee & Employer is deducted from our salary and with the help of salary slip each and every one has maintained the records of PF. The deductions of both employer and employee has been added and arrived to one figure for the financial year. i.e. Mar - Mar so this is how we have maintained our records. Now we have received our PF slip from the department and its confusing.
PF details enclosed:
Below are the details of PF received from the department.
For the year 2007-2008
Opening Balance - Both Employee & Employer & Interest
Employee - 2729 + 412
Employer - 1280 + 164
Contribution During the Year
Employee - 4752
Employer - 1456
Closing Balance
Employee - 7893
Employer - 2900
For the year 2008-2009
Opening Balance - Both Employee & Employer & Interest
Employee - 7893 + 869
Employer - 2900 + 307
Contribution During the Year
Employee - 5136
Employer - 1570
Closing Balance
Employee - 19898
Employer - 4777
For the year 2009-2010
Opening Balance - Both Employee & Employer & Interest
Employee - 13898 + 1383
Employer - 4777 + 468
Contribution During the Year
Employee - 5184
Employer - 1584
Closing Balance
Employee - 20465
Employer - 6829
I would like to know how is it been calculated and what are the formulas used for the same.
Awaiting seniors to help me.
Regards,
Sapna
From India, Bangalore
Dear Sapna,
The Employees contribution in your case is 12%. It will go to your Provident Fund account.
The Employer contribution to PF is 3.67% and balance 8.33% go to PEnsion fund.
The employers contributionss, Over and above Rs.6500/- will be accounted in PF account. In your case not required.
Hence the PF is 15.67% and Pension is 8.33%.
For PF & Pension, interest is paid the PF acuthorities on day to day basis and accounted in your respective accounts.
Hope your doubt may be cleared
Regards
R.Palaniswamy
From India, Coimbatore
The Employees contribution in your case is 12%. It will go to your Provident Fund account.
The Employer contribution to PF is 3.67% and balance 8.33% go to PEnsion fund.
The employers contributionss, Over and above Rs.6500/- will be accounted in PF account. In your case not required.
Hence the PF is 15.67% and Pension is 8.33%.
For PF & Pension, interest is paid the PF acuthorities on day to day basis and accounted in your respective accounts.
Hope your doubt may be cleared
Regards
R.Palaniswamy
From India, Coimbatore
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