P.f
This query is : Resolved
22 February 2012
Dear Experts,
I knew that PF. Would be calculated on Basic salary = / <6500/-
But in an organization an employee is paid as under:
Basic = 6500/-
Fixed D.A = 2000/-
H.R.A = 4600/-
Spl. Allow.= 4000/-
Gross salary = 17100/- where deductions are P.tax = 130/- P.F. 1020/- Net pay = 15950/-
Here P.F is calculated on 6500+2000 = 8500/- x 12%
My question is is it Right ?
please confirm by answer
I knew that PF. Would be calculated on Basic salary = / <6500/-
But in an organization an employee is paid as under:
Basic = 6500/-
Fixed D.A = 2000/-
H.R.A = 4600/-
Spl. Allow.= 4000/-
Gross salary = 17100/- where deductions are P.tax = 130/- P.F. 1020/- Net pay = 15950/-
Here P.F is calculated on 6500+2000 = 8500/- x 12%
My question is is it Right ?
please confirm by answer
22 February 2012
Yes. your calculation correct
23 February 2012
My question was to what extent amount pf applicable / not applicable viz.
basic salary=/<(amount ?)
basic salary=/<(amount ?)
23 February 2012
Dear Mr.Sankar, As per pf act up to 6500/- basic pf deduction is compulsory, once you deducted 8500/- (basic +da) , you have to continue the same for that employee
23 February 2012
thanks sir
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