Hi All,
Please give the best answer of below given questions? My director asked me to find the answer or to contact lawyer:--
Can experience candidate can be treated as trainee?
Where to show stipend in accounts books?
what will be the salary structure if we want want to avaoid PF & slabes where income tax is applicable?
Provisions under Act 1961?
From India, Indore
28Please give the best answer of below given questions? My director asked me to find the answer or to contact lawyer:--
Can experience candidate can be treated as trainee?
Where to show stipend in accounts books?
what will be the salary structure if we want want to avaoid PF & slabes where income tax is applicable?
Provisions under Act 1961?
From India, Indore
Dear Pooja ji,
It seems to me that your director or your company needs an expert legal professional on retainership.
The answer to your queries as under:
1. Experience candidate can not be taken as Trainee. Trainee is a person who is being trained, especially in a vocation.
2. Stipend is paid to trainee or apprentice. If you engaged any trainee as per IE(SO)Act or an apprentice as per Apprenticeship Act, you can book the amount paid to such trainee / apprentice as stipend.
Stipend is an amount of money that is provided periodically to help offset expenses or defray expenses.
3. If you want to avoid PF, you need to pay basic more than Rs. 6500/- p.m. The person should not be a member of PF before and he should give in writing that he is not willing to contribute towards PF.
Rs. 6500/- is as on date which likely to increase to Rs.10000/-.
4. Up to taxable income 2L, there is no income tax. Slabs are 2L to 5L, 5L to 10L and 10L above. To understand what is taxable income, what are the exemptions and deductions, what is the rate of Tax slab wise etc. you need to refer the current Income Tax Law.
To understand the applicability of PF and ESI to trainees / apprentices, please click below given link.
https://www.citehr.com/447790-pf-con...n-trainee.html
Do self study before asking any query. This will help you only. I do not discourage you from raising any query.
From India, Mumbai
It seems to me that your director or your company needs an expert legal professional on retainership.
The answer to your queries as under:
1. Experience candidate can not be taken as Trainee. Trainee is a person who is being trained, especially in a vocation.
2. Stipend is paid to trainee or apprentice. If you engaged any trainee as per IE(SO)Act or an apprentice as per Apprenticeship Act, you can book the amount paid to such trainee / apprentice as stipend.
Stipend is an amount of money that is provided periodically to help offset expenses or defray expenses.
3. If you want to avoid PF, you need to pay basic more than Rs. 6500/- p.m. The person should not be a member of PF before and he should give in writing that he is not willing to contribute towards PF.
Rs. 6500/- is as on date which likely to increase to Rs.10000/-.
4. Up to taxable income 2L, there is no income tax. Slabs are 2L to 5L, 5L to 10L and 10L above. To understand what is taxable income, what are the exemptions and deductions, what is the rate of Tax slab wise etc. you need to refer the current Income Tax Law.
To understand the applicability of PF and ESI to trainees / apprentices, please click below given link.
https://www.citehr.com/447790-pf-con...n-trainee.html
Do self study before asking any query. This will help you only. I do not discourage you from raising any query.
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Frequently asked interview questions.doc