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How to calculate pf, esi, vat, sales tax etc.,
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Answer Posted / bhargavi
ESi Deduction is applies to those whose gross salary is
less and equal to 15000,The contribution applies to both
employee & employer,
Employee is 1.75%
Employer is 4.75%,
And in pf both Employer and employee contribution is equal
i.e. 12% on (Basic + DA). PF deducted from the salary of
particular month to be deposited by 15th of the next month
(+ grace of 5 days available – max upto 20 days).
PF deducted from July 2010 salary to be deposited on or
before 15th August, 2010.
For Employer it is mandatory to contribute to PF on (Basic
+ DA) upto Rs.6,500/-. Contribution to any amount above
that is Management policy decision .
Employees Contribution 12% Entire to PF
Employers Contribution 12%
Pension Fund 8.33% (Organisation doesn’t
have to bifurcate
PF 3.67% (PF office will
do the allocation)
Plus Employer has to pay Administrative Charges as
EDLI 0.5% of (basic + DA)
EPF Admin Chg 1.1& of (basic + DA)
DLI Admin Chg 0.01% of (basic + DA)
It is mandatory for employees completing 10 years of
service to opt for Pension.
Employee completing 10 years of service can not withdraw
entire PF (employer and employees contribution). They are
allowed to withdraw their contribution 12% and Employers
contribution of 3.67% to PF. Balance amount i.e. Employer
contribution amounting to 8.33% will be paid by way of
pension (calculation done by PF office basis no of years of
service and some ratios)i.e. will be eligible for this
amount only upon attaining retirement age,
Therefore it is advisable not to withdraw PF and continue
with the same by transferring old PF no to new employer.
Employee having less than 10 years service can withdraw
entire PF contribution (employer and employees
contribution).
Employee resigning from the organisation can transfer
his/her PF account with one organisation to another
organisation (specific forms are there, within city and
within state.
In the event of organisations merging they can apply to
Commissioner of PF with court order of merger and
resolution to that effect for continuing of one PF
registration number preferably to the place where
Registered Office is situated, and transferring of balance
of contribution from the other PF number to this number.
How PF office manages our fund
A/c 1 Provident Fund (Employer 3.67% + Employee
12%)
A/c 10 Pension (Employer 8.33%)
A/c 2 Admin charges towards A/c 1 & A/c 10
@ 1.10% on (basic + DA) of all employees
(Employer contribution)
A/c 21 Employees Deposit Link Insurance – Paid In the
event of
Employees death during service (Employer
contribution)
@ 0.50% on (basic + DA max upto 6500/-) of
all employees
i.e. total of (a+b) x 0.50%
a. Amount of Actual (Basic + DA) < 6500
b. Amount (No of employees with (Basic+DA) > 6500 x
6500)
Don’t know what happens to this amount if he
completes
The service healthy
A/c 22 Administrative charge on A/c no 21 (Employer
contribution)
@0.01% on (basic + DA max upto 6500/-)
of all employees
i.e. total of (a+b) x 0.50%
a. Amount of Actual (Basic + DA) < 6500
b. Amount (No of employees with (Basic+DA)
> 6500 x 6500)
However, if Management takes decision to contribute to PF
above Rs.6500/- then all the admin charges are calculated
as straight applicable % on employees(basic + DA)
For every deposit, withdrawal, transfer, addition,
deletion, nomination, loan against PF there are prescribed
challans and forms are available with PF office also
available on site.
PF claim gets settled within a month’s time.
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