Hi,
We have just started a new company in Mysore, India. As we have just started the company, we will be disbursing the salaries to all our 8 employees. I would like to know:
1] As the complete salary will be paid by cash, we won't be deducting any component including PF, is this going to create problem?
2] As ours is a small organization currently, Is it mandatory to open PF account for all the employees? We had already informed the employees that the salaries will be paid by cash, without any deductions towards PF, they are fine with it.
3] If opening the PF account for each employee is not mandatory for a small organization like ours, can someone help with the salary structure for a yearly CTC of Rs. 150,000 [salary of 12,500 per month].
4] If opening the PF account for each employee is mandatory, can you please help with the salary structure for a yearly CTC of Rs. 150,000 [salary of 12,500 per month].
5] Also, what are the components that we can add to help the employee save on the tax for a CTC of Rs. 450,000 [salary of 37,500 per month], in case we recruit a senior or a manager?
We have just started a new company in Mysore, India. As we have just started the company, we will be disbursing the salaries to all our 8 employees. I would like to know:
1] As the complete salary will be paid by cash, we won't be deducting any component including PF, is this going to create problem?
2] As ours is a small organization currently, Is it mandatory to open PF account for all the employees? We had already informed the employees that the salaries will be paid by cash, without any deductions towards PF, they are fine with it.
3] If opening the PF account for each employee is not mandatory for a small organization like ours, can someone help with the salary structure for a yearly CTC of Rs. 150,000 [salary of 12,500 per month].
4] If opening the PF account for each employee is mandatory, can you please help with the salary structure for a yearly CTC of Rs. 150,000 [salary of 12,500 per month].
5] Also, what are the components that we can add to help the employee save on the tax for a CTC of Rs. 450,000 [salary of 37,500 per month], in case we recruit a senior or a manager?
Hi
You have added many queries but how can you miss out your name?
With out knowing the nature of the business it is difficult to revert on some queries
As you have only 8 employees then there is no need of enrollment for ESI & EPF immediately. Once you reach 10 employees then you should enroll for ESI & if you reach 20 then Enrollment with EPF is also mandatory but if at all you are willing to register with EPF you can do it as voluntary registration. But PT registration is mandatory & PT has to be deducted & remitted for all the employees who are getting gross salary 15000 and above
From India, Bangalore
639You have added many queries but how can you miss out your name?
With out knowing the nature of the business it is difficult to revert on some queries
As you have only 8 employees then there is no need of enrollment for ESI & EPF immediately. Once you reach 10 employees then you should enroll for ESI & if you reach 20 then Enrollment with EPF is also mandatory but if at all you are willing to register with EPF you can do it as voluntary registration. But PT registration is mandatory & PT has to be deducted & remitted for all the employees who are getting gross salary 15000 and above
From India, Bangalore
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls