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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Taxation interview questions  Taxation Interview Questions (1899)
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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
# 51
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/-

If you cant understand please mail me for further details,
dont worry i will help you free of cost
( pijush_halder56@yahoo.com )
 
Is This Answer Correct ?    3 Yes 0 No
Pijush Haldar
 
Answer
# 52
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
5001-6001=60
so finally 5500-396-57.75-60 = 5043 so the salary we get
after deductions is 5043.
 
Is This Answer Correct ?    14 Yes 11 No
Swetha
 
Answer
# 53
Now the ESI gross limit is Rs.15,000 and for this gross
purpose we need to eliminate only OT portion
 
Is This Answer Correct ?    4 Yes 1 No
Mohan Koduri
 
Answer
# 54
ESI will be deducts the salary is <or= 15000, 1.75% from
employee, 4.75% from employer from gross. PF is 12% from
employee at the same employer from basic salary is maximum
6500 & valuntary deductions also accepts.
 
Is This Answer Correct ?    3 Yes 0 No
Srikanth
 
Answer
# 55
How to calulate the esi & show is format? 
Is This Answer Correct ?    6 Yes 4 No
Deepa
 
Answer
# 56
Hi Friends,

Provident Fund is calculated 12 percent of Basic Salary up to 6500 by the employer and also 12 percent added by the P.F. Dept.So finally calculation is for the P.F. 12%+12% of Basic Salary.

ESI is calculated at the rate of 1.75% on the gross Salary up to 10000 salary of the employee and employers contribution is 4.75% and its aggregate is remitted to the ESI dept.
That's all i have friends,
Thanks
 
Is This Answer Correct ?    4 Yes 2 No
Sandeep K Kanth
 
Answer
# 57
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.
 
Is This Answer Correct ?    4 Yes 2 No
Sk.nasimuddin
 
Answer
# 58
PF can be calculate on basic salary
ESI can be calculate on gross salary
 
Is This Answer Correct ?    2 Yes 0 No
Santhosh
 
Answer
# 59
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.
 
Is This Answer Correct ?    2 Yes 0 No
Jagdish Singh
 
Answer
# 60
HI Frinds,

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
Rs.419/-

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)
 
Is This Answer Correct ?    5 Yes 4 No
Rameshbabu
 

 
 
 
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