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How to calculate pf, esi, vat, sales tax etc.,
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Answer Posted / sivaji
PF Revised (Standing orders as per notification may 2010):
Provident fund is calculated @ 12% on the basic
salary+DA+Food Allowence+Cash Allowence (Upto Rs.10000/-and
above of the limit, Company can decide i.e voluntary
provident fund more than that based on the employee ),
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.10000/-). So the aggreate 12% +
12% is remitted to the Provident fund Department
ESI As same as above notification tamilnadu : Employee
State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
15000/-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.
| Is This Answer Correct ? | 13 Yes | 1 No |
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