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 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1892)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
 Question Submitted By :: Priya
I also faced this Question!!     Rank Answer Posted By  
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
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 ?    1126 Yes 120 No
Aloysius Suresh
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
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 ?    523 Yes 88 No
Divakaran
 
 
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 3
pf calculated on salary but here salary= basic
salary+d.a+cash allowance + anr reteirning allowance
 
Is This Answer Correct ?    186 Yes 220 No
Prakash
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
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 ?    271 Yes 60 No
Hareesh Bhatt
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 5
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 ?    273 Yes 55 No
Sreedhar
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 6
i dont know how to calclute based on that vat ps esi vat
sales tax i need to know
 
Is This Answer Correct ?    121 Yes 60 No
Venkat
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 7
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 ?    131 Yes 25 No
Suchit
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 8
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 ?    90 Yes 36 No
Rajesh Diwan
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 9
pf is calculated @ 12% in basic + DA 
Is This Answer Correct ?    146 Yes 48 No
Shabbeer Basha
 
  Re: HOW TO CALCULATE PF, ESI, VAT, SALES TAX ETC.,
Answer
# 10
ESI is calculated @1.75% on gross salary & 4.75% on gross
salary for the employee & employer share respectively.
 
Is This Answer Correct ?    162 Yes 30 No
Raju
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
why is service tax recievable shown as dr balance under liability in b/s   2
What are the new threshold limits put in the parliment under New tax code recently for Men, Women and Senior Citizens   1
what is extra at actuals in excise duty. how 2 calculate them on basic price?   1
i received commission with deduction of tds how to take entry in my books. commission Rs.90000 Tds.10000   4
waht is Entry Tax ? how to sett of vat?   1
i want to know about C , F, H Form & when i issue this from , what r the condition to issue this form ?   27
When calculating tds on bill ,TDS need to be calclated on "Base Amount" or "Base Amount"+ "Vat Amount" ? please answer with relevant provision   4
in any sales promotion material can we issue any C form to party   1
What is Sale in Transit Transaction and what are the forms issued and get form parties ? Ernst-Young 2
what is the exact meaning of cst? what is its usage and what are the benefits of c form?   4
what is the differnce between sales tax and service tax?   9
All Tax Experts We are manufacture assesses registered with the excise department or our office and works area are commercial on rent basis and lease holders charge service tax on rent or raise the invoice on same premises address can we taken credit of service tax, on input services and utilized in Cenvat Credit with Excise pls. Explain me.   2
 
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