What is the full form of ESIC ?whatproportion of
PF,ESIC,EDLi,TDS,BONUS,GRATUITY etc are been decucted from
salary?
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Answer Posted / shoaib khan
The full form of ESIC is EMPLOYEES’ STATE INSURANCE SCHEME
OF INDIA.
ESIC : 1.75% of Gross Salary (Employee Share)
4.75% of Gross Salary (Employer Share) .
PF: 12% of Basic+DA (Employee Share)
12% of Basic+DA (Employer Share).
EDLI - 0.5% as deducted with EPF as a/c No 21
deducation.
(e)Gratuity is applicabale after 5 year service and
calculate the same as per formula,
Gratuity - Present salary(Basic +DA+VDA)*15*No of year
served/26.
TDS means Tax dedcuted at sourece,
Total income less deduction U/s 16 and Deduction u/s 80c,
cc and 80D equal taxable income
| Is This Answer Correct ? | 36 Yes | 11 No |
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