04 February 2014
my ctc is 34000...basic is 16000..its mentioned that PF employer contribution is Rs.1920..nothing mentioned about employee PF contribution..suppose its not taxable n no other deduction is there..what would be the total PF deduction per month n what would be my on hand salary..?
04 February 2014
Dear sir , PF EMPLOYER CONTRIBUTION ---12% PF EMPLOYEE CONTRIBUTION ---12% OUT OF EMPLOYER CONTRIBUTION 3.67% WILL GO TO PF AND REMAINING 8.33% WILL GO TO PENSION FUND ....THIS 12% WILL BE ON BASIC SALARY .... IN YOUR CASE BASIC SALARY IS RS 16000/- 12% OF BASIC SALARY =16000*12/100=RS 1920 ... THIS IS EMPLOYEE CONTRIBUTION WHICH WILL BE DEPOSITED IN THE PROVIDENT FUND .... SIMILARLY EMPLOYER CONTRIBUTION WILL BE 12% OF SALARY WHICH COMES TO ALSO RS 1920 /- OUT OF RS 1333 WILL BE DEPOSITED TO PENSION FUND AND REMAINING 3.67 % WILL BE DEPOSITED PROVIDENT FUND
SO IN SHORT , EVERY MONTH FROM YOUR SALARY RS 1920 WILL BE DEDUCTED ....SO YOUR TAKE HOME SALARY WILL BE RS (34000-1920)= RS 32080 .... HOPE YOUR QUERY BEING SOLVED .....
CAclubindia
