Hi all,
It's Samir again. Now, I am facing a different problem, and I have a doubt. I need your help to solve it.
1. In order to get exemption from PF & ESIC, do we have to put basic & DA above 7500, or should the whole monthly salary, including allowances, be more than 7500?
2. Can anybody suggest good allowances that we can offer in our BPO that:
a. Do not invite fringe benefit tax to the company, and
b. Are tax-savers for employees?
I have already included some such as HRA, Medical, Conv...
Thanks.
From India, Surat
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It's Samir again. Now, I am facing a different problem, and I have a doubt. I need your help to solve it.
1. In order to get exemption from PF & ESIC, do we have to put basic & DA above 7500, or should the whole monthly salary, including allowances, be more than 7500?
2. Can anybody suggest good allowances that we can offer in our BPO that:
a. Do not invite fringe benefit tax to the company, and
b. Are tax-savers for employees?
I have already included some such as HRA, Medical, Conv...
Thanks.
From India, Surat
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Hi Samir,
Hi All,
Its Samir again, Now I am facing different problem actually I have doubt,
And I need your help to solve,
1. In order to get expemtion from PF & ESIC ,
do we have to put basic &DA above 7500.
OR
the whole monthly salary ie with allowances should be more than 7500.
If your monthly payroll exceeds Rs 7500/- ESIC wouldn’t be applicable.
You cannot get an exemption on PF which is a statutory requirement.
2. and can any body suggest good allowances which we can give in which (ours is a BPO)
a. It does not invite fringe benefit tax to the company &
b. And tax saver for employee's too.
few of it I have kept like ( HRA, Medical, Conv..) .
Suggest – please read the topic FBT implications on salary components under Compensation & Benefits..
Have a great day..
Cheers,
Rajat
From India, Pune
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108Hi All,
Its Samir again, Now I am facing different problem actually I have doubt,
And I need your help to solve,
1. In order to get expemtion from PF & ESIC ,
do we have to put basic &DA above 7500.
OR
the whole monthly salary ie with allowances should be more than 7500.
If your monthly payroll exceeds Rs 7500/- ESIC wouldn’t be applicable.
You cannot get an exemption on PF which is a statutory requirement.
2. and can any body suggest good allowances which we can give in which (ours is a BPO)
a. It does not invite fringe benefit tax to the company &
b. And tax saver for employee's too.
few of it I have kept like ( HRA, Medical, Conv..) .
Suggest – please read the topic FBT implications on salary components under Compensation & Benefits..
Have a great day..
Cheers,
Rajat
From India, Pune
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i heard that PF is not obligatory for employees having salary more than Rs. 6500/- let me know the actaul thing on this.
From India, Mumbai
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From India, Mumbai
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Hi samir, Up to Rs.7500 (Gross salary ) ESI should be paid. In case of PF 6500 is the limit i.e as per the act employer can limit his contribution at 6500 (Basic+DA). Shanmugam
From India, Bangalore
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From India, Bangalore
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Hi, A company is not liable to register with the PF if it has less than 20 employees withdrawing above Rs. 6500/- Regards, Soumya Shankar
From India, Bangalore
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From India, Bangalore
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29th May 2006
Dear Friend,
Regarding the Provident Fund: The employment strength of 20 or more is at the management's discretion to cover or not. However, most big industries/establishments may voluntarily approach the P.F. authorities to cover their organization. This will also attract the IT saving. The ceiling limit of P.F. is Rs. 6500/- on Basic + D.A.
Regarding the Employees State Insurance: The coverage will depend on the location of the ESI dispensary and local office. The ceiling limit of ESI is Rs. 7500/- on the total gross salary.
Regards,
PBS KUMAR
From India, Kakinada
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Dear Friend,
Regarding the Provident Fund: The employment strength of 20 or more is at the management's discretion to cover or not. However, most big industries/establishments may voluntarily approach the P.F. authorities to cover their organization. This will also attract the IT saving. The ceiling limit of P.F. is Rs. 6500/- on Basic + D.A.
Regarding the Employees State Insurance: The coverage will depend on the location of the ESI dispensary and local office. The ceiling limit of ESI is Rs. 7500/- on the total gross salary.
Regards,
PBS KUMAR
From India, Kakinada
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls