PF calculate on Basic +DA, ( Limit 6500/- ) .There is
option if Basic and DA is 11000/- P.F. calculate 12% i.e.
1320/- but pension scheme calculate on Rs. 6500/- i.e.
maximum limit Rs. 541/-
ESIC on gross salary, limit 15000/-
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PF WILL BE CALCULATE ON 6500 @ 12% IF EMPLOYEE SALARY IS
MORE THAN 6500 WE NOT CHARGE ON MORE AMOUNT. ESI IS
CALCULATED ON 1.75% ON GROSS SALARY WE CAN SAY OTHER WORDS
AS 6500 + DA AND OTHER ALLOWANCE PAID BY EMPLOYER.
PF Salary few companies take basic+Da or on basic 12%
For Ex. My salary is 8000/- employee PF 960/- and employer
also will pay 960/-.but it is two ways.Employer pension
salary take maximium 6500/-(8.33%) that mean pension
maximum amount Rs. 541/- rest of amount will goes to PF
ESI salary is on gross 1.75% from employee side and
employer will pay on gross 4.75% that mean total 6.5%(OT
hours and Night shift allown,exmpted)
Ya here you see that salary is included with Basic+Dearness
Allowances.so for every one PF is 12% and ESI is 1.75%.
I would like to give you a better example.
Example is 5500/-
Gross salary is 5500*40%=2200-5500 = 3300
PF:- 3300*12% = 396
ESI:- 3300*1.75 = 57.75
According to PF slab
so finally 5500-396-57.75-60 = 5043 so the salary we get
after deductions is 5043.
My BASIC Salary is 18,000 & My GROSS Salary is 40,000
My LIC Saving Policy 1,50,000 PER Year & My House Rent Paid
on Monthly 7,500.
How much TAX PAYABLE IN THE FINANCIAL YEAR ( 2010-2011).
Please Tell me.
PF WILL BE CALCULATE @12% ON GROSS SALARY (BASIC + DA) IF
SALARY IS MORE THEN 6500 THEN WE CALCUKATE 12% ON 6500 =780
AND ESI WILL CALCULATE ON GROSS SALARY THE RATE OF ESI IS
1.75% BY EMPLOYEE AND 4.75% BY THE SIDE OF EMPLOYER
AND PF RATE IS 12% BY EMPLOYEE AND 13.61% BY EMPLOYEER
INCLUDING EMPLOYEE INSURANCE PLAN AND MPLOYEE PANSION PLAN
for esic calculation, its always gross salary including all
remunerations / allowance / perks. The employees whose
Gross salary is less than and equal to Rs 15000/- is liable
for ESIC deduction.... The employee part is Rs 1.75% of
gross and employer part is Rs 4.75% of gross salary....
My company liable to paid Service tax for GTA (Goods
Transport Agency) in Jan,Feb & March month. our Transport
made on 15.02.09 and Transport bill accounted on 02.03.09.
on 25.02.09 Service tax reduced 12.36% to 10.30%.
So my quastion is what rate should i caluculate to paid the
tax. while transport date (12.36%) or Bill accounted date
pl tell me.
Please explain, Suppose I am not adjusted entire year the Input Tax Credit for sales tax related. Sales tax authority will return back the ITC Amount suppose not claiming not adjusted, it is possible or other wise that amount shall I carry forward next year?