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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
How to Calculate the ESI,PF?it is basic Salary or Gross Salary?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 41
Gross salary for ESI calculation is BASIC+DA+HRA+OTHER
FIXED ALLOWANCE LIKE OT OR INCENTIVE. My question is after
adding OT OR INCENTIVE gross salary crosses 10,000/- should
we deduct ESI or OT OR INCENTIVE does it include in salary.
 
Is This Answer Correct ?    9 Yes 2 No
Tilak.m
 
Answer
# 42
Dear Friends,
PF is calculated on basic salary and it's 12% of basic.And
if basic is more than 6500 then also it is deducted 780 is
the maximum limit.

It's due to ceiling of 6500/-.
But in some firms 780/- is not limit there is deduction of
exact 12% of basic if my basic salary is 11500 then there
is deduction of 1380/- if an employee wants to deduct his
pf more than 780. he can do this.while basic is 11500,but
employer's contribution 8.33 % calculate on 6500.

And in PF there is contribution from emloyer also.
If my PF is deducted 780/-then Employer will also
contribute 780/-.But whole this 780 is not going to PF
account.Out of 12% of employer contribution 8.33% is
contributed for pension scheme and 3.67% for PF.

And ESIC is calculated on gross salary.
If gross salary is more then 10000/- then the employee is
not applicable for ESIC.ESIC is deducted as 1.75% of gross
salary of employee.In ESIC also there is Employer's
contribution and it is 4.75% of gross salary. but now esi
gross limit increase 10000 to 15000 so esi is calculated on
gross limit 15000.
 
Is This Answer Correct ?    8 Yes 1 No
Amit Kumar
 
Answer
# 43
calculate ESI on GROSS SALARY (1.75 %) & PF (Providend
Fund) calculate on
basic salary (12%)
 
Is This Answer Correct ?    9 Yes 2 No
Burugu Srikanth Goud
 
Answer
# 44
PF will be calculated on Basic salary which should be 6500
or less then it.
and esi will be calculated on gross salary , limit of esi
from 01/05/2010 is Rs.15000
thanks
 
Is This Answer Correct ?    6 Yes 0 No
Sunil Swami
 
Answer
# 45
1.75% ON GROSS SALARY
12% ON BASIC SALARY
 
Is This Answer Correct ?    13 Yes 7 No
Harsh
 
Answer
# 46
THERE ARE SOME ORGANIZATIONS WHO ALLOW THEIR EMPLOYEES TO
SAVE THE MONEY BY INCREASING THE PF CONTRIBUTION OF EMPLOYEE
INTO 12% TO 15%.HERE THE EMPLOYER CONTRIBUTION IS FIXED IN
ALL CASES ie 12%
 
Is This Answer Correct ?    5 Yes 0 No
Nagaraju Arruri
 
Answer
# 47
ESI Calculate on gross Salary or PF calculate on Basic
Salary.
 
Is This Answer Correct ?    5 Yes 0 No
Mohd Ahar
 
Answer
# 48
PF IS CALCULATED ON BASIC - 12% on Basic & ESI IS
CALCULATED ON GROSS SALARY.
 
Is This Answer Correct ?    5 Yes 0 No
Ujwala
 
Answer
# 49
PF can be calculate on basic salary
ESI can be calculate on gross salary
 
Is This Answer Correct ?    5 Yes 0 No
Santhosh
 
Answer
# 50
PF WILL BE CALCULATE ON BASIC SALARY UP TO 6500/- (i.e
EMPLOYEE 12% & EMPLOYER 3.67% PROVIDENT FUND A/C,8.33%
PENSION A/C,1.01% ADMIN CHARGES,.05% DLI CHARGES & .001
ADMN DLI CHARGES.) AND ESI WILL BE CALCULATE GROSS SALARY
15000/- i.e(1.75% EMPLOYEE & 4.75% EMPLOYER)
 
Is This Answer Correct ?    6 Yes 2 No
Pratap Rao
 

 
 
 
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