Hi, can u all plz help me as to how to calculate pt, pt, esi, and also the income tax concept? Thanks
From India, Vadodara
1From India, Vadodara
Hi Riya,
ESI is contributed from both the sides Employee as well as Employer.
It is been calculated on the basis of Gross salary per month and the maximum ceiling is 10000 Rs./Month.
The contribution from both the sides is as below-
Employee Side- 1.75% of gross/month
So if gross of an employee is 8000/month then
ESI contribution would be 8000*1.75% = 140 Rupees
Employer side- 4.75% of gross/month
ESI contribution would be 8000* 4.75% = 380 Rupees.
Whereas, PF is also been paid from both the sides.. Both the employer as well as employee is required to pay the 12% of basic salary..
Out of this 12% of employer's contribution 8.33% goes to Pension fund whereas rest 3.67% goes to the PF Fund itself..
Regards,
Amit Seth.
From India, Ahmadabad
ESI is contributed from both the sides Employee as well as Employer.
It is been calculated on the basis of Gross salary per month and the maximum ceiling is 10000 Rs./Month.
The contribution from both the sides is as below-
Employee Side- 1.75% of gross/month
So if gross of an employee is 8000/month then
ESI contribution would be 8000*1.75% = 140 Rupees
Employer side- 4.75% of gross/month
ESI contribution would be 8000* 4.75% = 380 Rupees.
Whereas, PF is also been paid from both the sides.. Both the employer as well as employee is required to pay the 12% of basic salary..
Out of this 12% of employer's contribution 8.33% goes to Pension fund whereas rest 3.67% goes to the PF Fund itself..
Regards,
Amit Seth.
From India, Ahmadabad
Hello Can u pls explain me about the ESI,PF,HRA,Medical Reimbursement,Income Tax,DA etc.with detailes examples.I searched in google regarding this but i have not found information.But today only i got this website addess.I hope i will get the required information.Or you can contact me on 9885228756 also
From India, Hyderabad
From India, Hyderabad
Hi,
PF is deducted on Basic salary i.e Basic + DA is Rs. 6500/- or less above that PF is not deducted.
1) Employee – 12 % (of Basic + DA & Food concession allowance & retaining allowance, if any)
2) Employer – % (of Basic + DA & Food concession allowance & retaining allowance, if any)
[ % = % PF + % Pension Scheme + % Admin. Charges of PF + 0.5 % EDLI + % Admin Charges of EDLI ]
EDLI - Employee deposit link insurance
EPF:
Here this PF is normally deducted from the basic & DA ( dearness allowance )
Such that Basic salary - 35%
DA - 15% outof gross salary.
For (e.g) - If the gross salary of a person is
Basic- 35% @ 9000 - 3150
DA - 15% @ 9000 - 1350
Total -------
4500
--------
Such that the total amount would be deducted @ 12% (i.e) PF - 540/-
The maximum ceiling limit of PF -
If the basic + DA exceeds 6500/- than the contributions is optional. Some company may have their own company policies.
Provident fund is calculated towards the employers is %
1. Employers Contribution
A/c No.1 - %
- Admn Charges - 1.1%
Fund A/c - %
A/c - 0.5%
- Admn Charges - %
ESIC calculation:
-------------------
In this ESIC, it includes the medical benefit both for the employee and employer.
It has been calculated on the basic of gross pay per month and maximum limit is upto p.m
Employee side - 1.75% and Employer side - 4.75%.
So if the gross of an employee is 8000/- p.m his contribution would be 8000*1.75% = 140/-
Employer 8000*4.75% = 380/-
Therefore Net pay = Gross pay - Total deductions
1. Those who are getting 10000/- gross per month will not be applicable under ESIC act.
2. 20 eligible employees to get registered in ESIC
3. Eligible employees means those who are getting gross pay upto 10000/- or less per month.
Apart from that there is a tax deduction., it includes the Income & professional tax.
CTC means cost to the company.i.e .what are all the expenses incurred by the Company for any of its employee for a particular period(monthly/yearly)
gross pay + employers pf+employers ESI + bonus = CTC
i.e THE SALARY PAYABLE AND OTHER STATUTORY BENIFTS PAYABLE BY COMPANY.
CTC
-----
CTC is cost to company and the components are
Basic
+HRA
+CONVEYANCE
+MOBILE REIMBURSHMENT
+MEDICAL reimburshment
+All allowances
+LTA
+employer cotri of PF
+Employer Cotri towards ESI
+Total variable incentives
+Perks & benefits
+ insurance Premium (in case of Group insurance)
Gratuity calculation
t is been deposited @ 4.81% of Basic per month..
After completing 5 years of service one may claim Gratuity at the time of separation from the organisation and it is been paid @ 15 days of salary for per year of service...
Like for 6 years of experience one's gratuity will be calculated with this formula-
Hope this will be useful for you. If you ve any other clarification pls do visit
EPF : www.epfindia.com
ESIC : www.esic.nic.in
Regards
Jenny
From India, Madras
PF is deducted on Basic salary i.e Basic + DA is Rs. 6500/- or less above that PF is not deducted.
1) Employee – 12 % (of Basic + DA & Food concession allowance & retaining allowance, if any)
2) Employer – % (of Basic + DA & Food concession allowance & retaining allowance, if any)
[ % = % PF + % Pension Scheme + % Admin. Charges of PF + 0.5 % EDLI + % Admin Charges of EDLI ]
EDLI - Employee deposit link insurance
EPF:
Here this PF is normally deducted from the basic & DA ( dearness allowance )
Such that Basic salary - 35%
DA - 15% outof gross salary.
For (e.g) - If the gross salary of a person is
Basic- 35% @ 9000 - 3150
DA - 15% @ 9000 - 1350
Total -------
4500
--------
Such that the total amount would be deducted @ 12% (i.e) PF - 540/-
The maximum ceiling limit of PF -
If the basic + DA exceeds 6500/- than the contributions is optional. Some company may have their own company policies.
Provident fund is calculated towards the employers is %
1. Employers Contribution
A/c No.1 - %
- Admn Charges - 1.1%
Fund A/c - %
A/c - 0.5%
- Admn Charges - %
ESIC calculation:
-------------------
In this ESIC, it includes the medical benefit both for the employee and employer.
It has been calculated on the basic of gross pay per month and maximum limit is upto p.m
Employee side - 1.75% and Employer side - 4.75%.
So if the gross of an employee is 8000/- p.m his contribution would be 8000*1.75% = 140/-
Employer 8000*4.75% = 380/-
Therefore Net pay = Gross pay - Total deductions
1. Those who are getting 10000/- gross per month will not be applicable under ESIC act.
2. 20 eligible employees to get registered in ESIC
3. Eligible employees means those who are getting gross pay upto 10000/- or less per month.
Apart from that there is a tax deduction., it includes the Income & professional tax.
CTC means cost to the company.i.e .what are all the expenses incurred by the Company for any of its employee for a particular period(monthly/yearly)
gross pay + employers pf+employers ESI + bonus = CTC
i.e THE SALARY PAYABLE AND OTHER STATUTORY BENIFTS PAYABLE BY COMPANY.
CTC
-----
CTC is cost to company and the components are
Basic
+HRA
+CONVEYANCE
+MOBILE REIMBURSHMENT
+MEDICAL reimburshment
+All allowances
+LTA
+employer cotri of PF
+Employer Cotri towards ESI
+Total variable incentives
+Perks & benefits
+ insurance Premium (in case of Group insurance)
Gratuity calculation
t is been deposited @ 4.81% of Basic per month..
After completing 5 years of service one may claim Gratuity at the time of separation from the organisation and it is been paid @ 15 days of salary for per year of service...
Like for 6 years of experience one's gratuity will be calculated with this formula-
Hope this will be useful for you. If you ve any other clarification pls do visit
EPF : www.epfindia.com
ESIC : www.esic.nic.in
Regards
Jenny
From India, Madras
Can someone please post a PPT on PF & ESI? I need it for training purposes. It would be very helpful. By the way,this is my first query in this website,hope you guys will help me. Regards, Debasree
From India, Calcutta
From India, Calcutta
Dear Members,
How to calculate ESI? HRA will be included in Total Earned salary for ESI calculation? yes/no. if no .so what can I do for I have already inlcuding HRA in total Earned salary for ESI calculation since company was established.
please guide me.
b.r.
V.R.yadav.
From India, Pune
How to calculate ESI? HRA will be included in Total Earned salary for ESI calculation? yes/no. if no .so what can I do for I have already inlcuding HRA in total Earned salary for ESI calculation since company was established.
please guide me.
b.r.
V.R.yadav.
From India, Pune
Dear Jenny, Today i went through your topic, its simply gr8. it is really helpful to like us who are new in this HR JOb. Regards, Nilanjana
From India, Calcutta
From India, Calcutta
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.
Salary Sheet & PF PT Calculation & Challan Nov 2010.xls
PT - PAN India Details - compiled by Pragnaa - 2017.pdf