If a new employee is appointed at a salary of 35000/-. The break up of which is as under:
Basic ; 14000/-
hra : 7000/-
cca : 10000/-
other allowance: 4000/-
is it compulsory to deduct his pf.
Or can he be considered as an exempted employee.
From India, Mumbai
24Basic ; 14000/-
hra : 7000/-
cca : 10000/-
other allowance: 4000/-
is it compulsory to deduct his pf.
Or can he be considered as an exempted employee.
From India, Mumbai
Dear Anony,
Yes it is mandatory to deduct PF in the aforesaid case. PF can be exempted only when an employee earns a basic of more than INR 15,000 at the time of joining and was not a member of EPFO ever before.
However, i suggest everyone to subscribe for PF. It's the only retirement and social security scheme available to us, working class, and the returns are much higher than bank FDs.
Regards
Rahul Chhabra
From India, Delhi
Yes it is mandatory to deduct PF in the aforesaid case. PF can be exempted only when an employee earns a basic of more than INR 15,000 at the time of joining and was not a member of EPFO ever before.
However, i suggest everyone to subscribe for PF. It's the only retirement and social security scheme available to us, working class, and the returns are much higher than bank FDs.
Regards
Rahul Chhabra
From India, Delhi
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls
PF ON LEAVE SALARY.jpg