Dear All,
I just want to get it clear that PF, ESIC, Bonus calculation are done on Gross or net salary n logic behind it.
Like PF is 12% of Employee contribution n 12% is of Employer's contribution in general so the 12% is of which? is it monthly net take home or monthly Gross.
Same is with ESIC & bonus.
Also i want to know that the new limit of ESIC is now 15,000/- per month, so it is also gross or Take home salary amount.
N Last one the slabs for Professional Tax deduction.
From India, Mumbai
I just want to get it clear that PF, ESIC, Bonus calculation are done on Gross or net salary n logic behind it.
Like PF is 12% of Employee contribution n 12% is of Employer's contribution in general so the 12% is of which? is it monthly net take home or monthly Gross.
Same is with ESIC & bonus.
Also i want to know that the new limit of ESIC is now 15,000/- per month, so it is also gross or Take home salary amount.
N Last one the slabs for Professional Tax deduction.
From India, Mumbai
Dear , Pf is calculate on Basic + da and esic calculate on gross salary ( except the washing allowance) p. tax calculate on gross salary regards, Mahesh
From India, Surat
15From India, Surat
slab of p tax in gujarat is 0 to 2999 = 0 rs of p.tax 3000 to 5999 = 20 rs 6000 to 8999 = 80 rs 9000 to 11999=150 rs 12000 and above =200 rs regards, Mahesh
From India, Surat
From India, Surat
The contributions towards EPF and ESI are payable on gross amount but not on Net. Simple logic is "the amount payable or due" not the net or actully paid.
EPF @12% is payable on the monthly gross amount of Basic+DA +(retaing allowance+value of food concession, if any). ESI is payable on all monthly gross remuneration payable in cash to an employee, execpt washing allowance and some other special allowances paid to defry any special expense incurred by him, depending upon his nature of employment. The rate is 1.75% & 4.75%, employee's & employer's cont.
Bonus is also calculated on gross basic and DA.
ESI limit w.e.f.1/5/10 is Rs.15000/ pes month. Contributions as explained above.
From India, Delhi
EPF @12% is payable on the monthly gross amount of Basic+DA +(retaing allowance+value of food concession, if any). ESI is payable on all monthly gross remuneration payable in cash to an employee, execpt washing allowance and some other special allowances paid to defry any special expense incurred by him, depending upon his nature of employment. The rate is 1.75% & 4.75%, employee's & employer's cont.
Bonus is also calculated on gross basic and DA.
ESI limit w.e.f.1/5/10 is Rs.15000/ pes month. Contributions as explained above.
From India, Delhi
Hello! I want to know details about ESI including all statutary formalities related to this ESI. I expect help from you. CAN you do pls ? Regards, S.Shankar 09833961172
From India, Uran
From India, Uran
Hi, friend, pf is dedected 12% on (basic+d.p.+d.a.) employees contribution & same contribution of employer. Upto 6500/- p.m. Salaried emlpoyees p.f.deduction is compulsary with minimum 12% deduction. Above that is depends on employees.he can deducted more amount for p.f from his salari but emlpoyers contribution is fixed. Regards, mr.mahendra
From India, Mumbai
From India, Mumbai
PF is calculated on BASIC+GRADE PAY+D.A. of 12% monthly salary of employee and contribution of employer is either 12% of 6500 or 12% of above which is less. Mahendra12
From India, Mumbai
From India, Mumbai
PF is calculated on BASIC+GRADE PAY+D.A. of 12% monthly salary of employee and contribution of employer is either 12% of 6500 or 12% of above which is less. Mahendra12
attribution https://www.citehr.com/276883-pf-esi...#ixzz2exaKt6IO
From India, Mumbai
attribution https://www.citehr.com/276883-pf-esi...#ixzz2exaKt6IO
From India, Mumbai
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv