If an employee (having EPF benefit) drawing a salary of 10,000 (Basic + DA) , then what is the calculation for monthly remittance
1) Employee Contribution (12% of 10000) : 1,200.00
2) Employer Contribution- Pension (8.33 %) : 541.00 (limited to 6500 )
3) Employer Contribution-PF (balance ) : 659.00 ( 1200 - 541 )
TOTAL : 2,400.00
OR
1) Employee Contribution (12% of 10000) : 1,200.00
2) Employer Contribution -Pension (8.33 %) : 541.00 (limited to 6500 )
3) Employer Contribution - PF (3.67% ) : 239.00 (limited to 6500 )
TOTAL : 1,980.00
Please advise ...
From India, Thiruvananthapuram
21) Employee Contribution (12% of 10000) : 1,200.00
2) Employer Contribution- Pension (8.33 %) : 541.00 (limited to 6500 )
3) Employer Contribution-PF (balance ) : 659.00 ( 1200 - 541 )
TOTAL : 2,400.00
OR
1) Employee Contribution (12% of 10000) : 1,200.00
2) Employer Contribution -Pension (8.33 %) : 541.00 (limited to 6500 )
3) Employer Contribution - PF (3.67% ) : 239.00 (limited to 6500 )
TOTAL : 1,980.00
Please advise ...
From India, Thiruvananthapuram
Hello, I need to prepare a salary break up of 4.80lacs p.a. for a senior manager. please suggest me the same as this company is a start up organization and does not have P.F. facility currently.
From India, Delhi
From India, Delhi
Dear all,
In my company of 200 employee, i am the First HR person.I have to design a new salary structure for the Sales staff. But the problem is to create the new structure their Net salary will get affected. So I have to educate them about PF, ESIC, PT & TDS & their benefits, can you please share any kind of presentation with me to make them understand about statuatary benefits
From India, Mumbai
In my company of 200 employee, i am the First HR person.I have to design a new salary structure for the Sales staff. But the problem is to create the new structure their Net salary will get affected. So I have to educate them about PF, ESIC, PT & TDS & their benefits, can you please share any kind of presentation with me to make them understand about statuatary benefits
From India, Mumbai
HI Mohan
You have done an excellent work.you have given us a profound details on PF.I've read many things about PF but after your post i got to know many other new things.
Thanks for your marvelous act
From India, Gurgaon
You have done an excellent work.you have given us a profound details on PF.I've read many things about PF but after your post i got to know many other new things.
Thanks for your marvelous act
From India, Gurgaon
Hi , As requested , please find the presentation on TDs. Hope it will help you.
From United States, Winston Salem
From United States, Winston Salem
Dear Priyanka,
I will explain you about Form -3A (Revised) by step by step,
For Example,you are going to submit form -3A (Revised)of a employee,who had been resigned from your organisation.
1.Account No-You have to mention your employee PF account No.
2.Name -You have to mention your employee name with initial
3.Father name-You have to mention your employee father's name with initial
4.Name and Address of the establishment-You have to specify your organisation name and address.
5.Statutory Rate of contribution-12%
6.Voluntary higher rate of employee's contribution-There is a option for employees to contribute voluntary higher rate towards EPF.In that case if any employees contributing voluntary means you have to specify the rate of contribution otherwise you have to mention the Nil.
7.Employee contribution on higher wages to EPF Y/N- If employee contributed higher rate of wages means you have to specify Yes otherwise you have to mention NO.
8.Voluntary contribution Y/N-If there is any voluntary contribution towards EPF means you have to mention Yes otherwise No
a)Column No1-You have to mention the months in that column starting from march paid in April to February paid in march.
b)Column No.2-Amount of wages-You have to specify the employee Basic +DA
For example your employee basic is 5000 and DA is 1500 all together 6500/,you have mention 6500 as amount of wages.
c)Column No.3-EPF 12%- for example as same as above ,from 6500/- you have to calculate 12% it will be 780/-
d)Column 2 & 3 it will be employee share and 4&5 will be employer share .
Employer share of 12% will be classified into two ways ,3.67% will be accounted in EPF remaining 8.33% will be accounted into Pension fund.
For example 6500/- is your employee basic and DA ,Employer contribution will be 12%
6500*3.67%=239
6500*8.33%=541
e) Column 6 .Refund of advance-If an employee works for more than seven years he/she is eligible for advance in PF , in that case if you have refund the advance you have to mention the advance details.
f)Column 7.No.of days/Period of non-contributing service- If the employee had any break in service you have mention it otherwise no need. For example the employee had a break in service due to some illness or accident ,he/she might came after 1 month or 2 months. It will be treated as break in service of the employee.
I think your doubts had been cleared.
Warmest Regards,
Mohan.M.S
From India, Madras
Dear All........ Herewith I have attached my updated CV for your kind perusal please find the attachment and do the needful .awaiting for ur positive reply.
From India, Madras
From India, Madras
Dear Sara,
Professional Tax may differ from state to state and Municipal to municipal.
The Profession Tax assessment and collection is coming under the provision of tax on professions, trades, calling & employments, under the Tamilnadu Municipal Laws (Second Amendment) Act 1998 Profession Tax is higher source of income next to Property Tax. The Profession Tax assessment is calculated based of the Half Yearly gross income for the following categories.
From India, Madras
Professional Tax may differ from state to state and Municipal to municipal.
The Profession Tax assessment and collection is coming under the provision of tax on professions, trades, calling & employments, under the Tamilnadu Municipal Laws (Second Amendment) Act 1998 Profession Tax is higher source of income next to Property Tax. The Profession Tax assessment is calculated based of the Half Yearly gross income for the following categories.
- Individuals
- Private Establishment
- Salaried People (Central and State Govt.)
- Company
Every Company transacts business and every person who is engaged actively or otherwise in any Profession, Trade, Calling and Employment with the Chennai Corporation city limits has to pay half-yearly Profession Tax, as per section 138C of Tamilnadu Municipal Laws Second Amendment Act 59 of 1998. The tax rates are given below in the table in Form-2. for assessment of Profession Tax has to make an application for registration. The Corporation of Chennai will assign a permanent number in the style of PTNAN.
Online Computerisation of Profession Tax and payment of Profession Tax through online are to be initiated. They can also check the status of payment through the website
Based on the gross income declared by the Half Yearly Profession Tax will be calculated as per the Table given below:
The below table is for Chennai,
Sl.No. Average half yearly Income Half yearly Profession Tax
1 Upto Rs.21,000/- - NIL
2 Rs.21,001,/- to Rs.30,000/- - Rs.75/-
3 Rs. 30,001/- to Rs.45,000/- - Rs.188/-
4 Rs.45,001/- to Rs.60,000/- - Rs.390/-
5 Rs.60,001/- to Rs.75,000/- - Rs.585/-
6 Rs. 75,001/- and above - - Rs.810/-
2 Rs.21,001,/- to Rs.30,000/- - Rs.75/-
3 Rs. 30,001/- to Rs.45,000/- - Rs.188/-
4 Rs.45,001/- to Rs.60,000/- - Rs.390/-
5 Rs.60,001/- to Rs.75,000/- - Rs.585/-
6 Rs. 75,001/- and above - - Rs.810/-
For Example,If an employee earns 10,000/- per month means he will be earning 60,000/- in six months.He has to pay 390 /- as a professional Tax in half yearly.
With the help of above table we can able to calculate the Professional Tax.
Warmest Regards,
Mohan.M.S
From India, Madras
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls