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How to calculate pf, esi, vat, sales tax etc.,
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Answer Posted / nitin kumar (ghaziabad (iijt))
(A)EPF:
Now a days all the companies who emplyees 10 or more
employees should be covered under EPF ACT.
(B)Employee Contribution:
If Employee Basic (Basic means Basic + DA/VDA) is
Lesser than 6500
1) 12% on Employee Basic Salary is Mandatory
(If Employee Basic (Basic means Basic + DA/VDA) is more
than 6500)
1) There is option of exemption from PF & If
management wishes to cover
then employee shall be coverd under EPF Benefit
2) Employee contribution shall be limited upto the
basic of 6500 that is Rs 780/-
(Rs 780/- is 12% on 6500) OR
3) Employee contribution shall be coverd on full basic
no ceiling limit
(Eg. If employee basic is 10,000/- then 12% on the
basic is 1200/-)
(Employer Contribution ( Company Contribution))
If Employee Basic (Basic means Basic + DA/VDA) is
Lesser than 6500
1) 12% on Basic Salary is Mandatory ( Equal
Contribution of employee)
(If Employee Basic (Basic means Basic + DA/VDA) is more
than 6500
1) If employer decides to cover employee under EPF act
then even employer
shall contribute
2) Employer contribution shall be limited upto the
basic of 6500 that is Rs 780/-
Same contrbution as of Employee (Rs 780/- is 12% on
6500) OR
3) Employer contribution shall be coverd on full basic
no ceiling limit
(Eg. If employee basic is 10,000/- then 12% on the
basic is 1200/-)
Employer contribution shall be splitted into EPF
(8.33%) and PF (3.67%)
(if Employer contribtuion is above 780/- then 541 will go
for Pension fund &
balance for EPF)
Apart from the contribution there are additional charges
from employes
A) 1.10% as Admin charges on total wages of Employee
(Ac. No. 2)
B) 0.5% as EDLI Charges on the contribution wages (Ac.
No. 21)
C) 0.01% as EDLI Admin Charges on the contribution
wages (Ac. No. 22) or
Minimum of 5Rs
| Is This Answer Correct ? | 2 Yes | 0 No |
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