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 Audit interview questions  Audit Interview Questions (428)
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 Taxation interview questions  Taxation Interview Questions (1913)
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Question
HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
PF : Provident fund is calculated @ 12% on the basic
salary, which indeed is deducted from Employee's salary and
the same plus 12% on the basic is contributed by the
employer. So the aggreate 12% + 12% is remitted to the
Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX : Same as VAT
 
Is This Answer Correct ?    1169 Yes 129 No
Aloysius Suresh
 
Answer
# 2
PF : Provident fund is calculated @ 12% on the basic
salary, which indeed is deducted from Employee's salary and
the same plus 12% on the basic is contributed by the
employer. So the aggreate 12% + 12% is remitted to the
Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX : Same as VAT
 
Is This Answer Correct ?    538 Yes 95 No
Divakaran
 
 
 
Answer
# 3
Sir/Madam

i have to request to you I want full Information for all
Ie., Calculate Provident fund , ESI, Vat, TDs, Service Tax.
 
Is This Answer Correct ?    301 Yes 57 No
Sreedhar
 
Answer
# 4
PF : Provident fund is calculated @ 12% on the basic
salary+DA+Food Allowence+Cash Allowence (Upto Rs.6,500/-and
above of the limit, Company can decide), which indeed is
deducted from Employee's salary and deposit in PF A/c No.1
and the same plus 12% on the basic is contributed by the
employer and deposit 3.67% in the A/c No.1 and remaining
8.33% in A/c No.10 of Pension fund (which is calculated on
the maximum limit of PF Rs.6500/-). So the aggreate 12% +
12% is remitted to the Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX : Same as VAT
 
Is This Answer Correct ?    279 Yes 66 No
Hareesh Bhatt
 
Answer
# 5
ESI is calculated @1.75% on gross salary & 4.75% on gross
salary for the employee & employer share respectively.
 
Is This Answer Correct ?    169 Yes 31 No
Raju
 
Answer
# 6
PF : Provident fund is calculated @ 12% on the basic
salary+DA+Food Allowence+Cash Allowence (Upto Rs.6,500/-and
above of the limit, Company can decide), which indeed is
deducted from Employee's salary and deposit in PF A/c No.1
and the same plus 12% on the basic is contributed by the
employer and deposit 3.67% in the A/c No.1 and remaining
8.33% in A/c No.10 of Pension fund (which is calculated on
the maximum limit of PF Rs.6500/-). So the aggreate 12% +
12% is remitted to the Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX : Same as VAT
 
Is This Answer Correct ?    136 Yes 27 No
Suchit
 
Answer
# 7
pf is calculated @ 12% in basic + DA 
Is This Answer Correct ?    158 Yes 49 No
Shabbeer Basha
 
Answer
# 8
i dont know how to calclute based on that vat ps esi vat
sales tax i need to know
 
Is This Answer Correct ?    127 Yes 62 No
Venkat
 
Answer
# 9
VAT : VAT percentage has been changed in terms of
VAT+Additional VAT. ie. Vat 4%+Additional Vat1%=5%,
Vat12.50%+Additional Vat 2.5%=15%,Vat 15%+Additional
Vat2.5%. And the product Value is MRP, that meanse the rate
is inclussive of all taxes. If the product Value is 100 MRP
and Vat Rate is 5%, then the nit rate will be 95.24 + 5%
Vat.
If the Product value is not MRP, you can raise the bill for
Rs.105. is 100+5% vat

And Vat is applicable only in Inter State Sales and for
Sale to Outside States CST (Central Sales Tax ie. @%) is
applicable.
 
Is This Answer Correct ?    96 Yes 36 No
Rajesh Diwan
 
Answer
# 10
PF : Provident fund is calculated @ 12% on the basic
salary, which indeed is deducted from Employee's salary and
the same plus 12% on the basic is contributed by the
employer. So the aggreate 12% + 12% is remitted to the
Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX : Same as VAT
 
Is This Answer Correct ?    45 Yes 12 No
Sathis
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
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What is TDS_return?when it is applicable?how it is deducted? BirlaSoft 2
what is tds tax and what is vat use in tally ?   1
I have recived four c form for a fainancial year But c- form not in proper series For Exaple- c-form no. 1 for 1st quarter & 3 For Second Quarter 2nf For 3rd Quarter & 4 For Fourth quarter Please Tell Me Can I summit This Form in sale tax office in no Please tell me solution for that condition.   2
what is out put sale tax and in put sale tax?   1
I have an interview, they are asking direct and indirect taxes and exp. pls tell me any one regarding this which type of questions they will be asking.   3
what is the difference between Excise duty and Custom duty? and direct cost and Indirect cost with examples? HCL 3
what is F form E-I form and E-II form?   2
Pass a entry for salary payment basic 5000, HRA 3000, Medical 200, TDS 500 Adv 200 & deducted PF with narration.   14
let me know if a supplier in his invoice he has added Transportation charges & on that he is charging Vat whether vat is admissable on transportation Charges also ? Basic + Excise + Transportation charges = X amount on X amount Vat is chaged whether it is correct ( within State) Purchase. & also let me know what rule is applicable for Outside state ? HDFC 2
Why Govt. Have Need of WCT. Vijai-Electricals 2
How to calculate IT,TDS,ADVANCE TAX,VAT,CST,EXCISE DUTY,PT,ST.ESI.PF? Jaycon 5
 
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