About EPFO Basic
This query is : Resolved
06 July 2024
In the context of Provident Fund (PF), "basic salary" refers to the core component of an employee's salary that is considered for calculating PF contributions. It typically includes:
1. **Basic Pay**: This is the fixed component of an employee's salary that is agreed upon in their employment contract. It does not usually include other allowances or overtime pay.
2. **Dearness Allowance (DA)**: Some organizations include DA as part of basic salary for PF calculation purposes, especially if DA is fixed and forms a regular part of the employee's compensation.
3. **Retaining Allowance**: If any retaining allowance is paid by the employer to employees to encourage them to not to leave the organisation
1. **Basic Pay**: This is the fixed component of an employee's salary that is agreed upon in their employment contract. It does not usually include other allowances or overtime pay.
2. **Dearness Allowance (DA)**: Some organizations include DA as part of basic salary for PF calculation purposes, especially if DA is fixed and forms a regular part of the employee's compensation.
3. **Retaining Allowance**: If any retaining allowance is paid by the employer to employees to encourage them to not to leave the organisation
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
