Pf deduction
This query is : Resolved
nikita tayal
(Querist)
08 January 2015
which salary is considered for pf deduction???
& also mention the rate???
& also mention the rate???
CA AnKiT BoHrA (AB)
(Expert)
08 January 2015
Basic Salary...@ 12 %
The definition of ‘Basic Wages’ has been defined under Section
2(b) of the EPF as below:
Section 2(b) “basic wages” means all emoluments which are earned by an employee
while on duty or on leave or on holidays with wages in either case in accordance
with the terms of the contract of employment and which are paid or payable in cash
to him, but does not include
i. the cash value of any food concession;
ii. any dearness allowance (that is to say, all cash payments by whatever name
called paid to an employee on account of a rise in the cost of living), houserent
allowance, overtime allowance, bonus, commission or any other
similar allowance payable to the employee in respect of his employment or
of work done in such employment;
iii. any presents made by the employer;
The definition of ‘Basic Wages’ has been defined under Section
2(b) of the EPF as below:
Section 2(b) “basic wages” means all emoluments which are earned by an employee
while on duty or on leave or on holidays with wages in either case in accordance
with the terms of the contract of employment and which are paid or payable in cash
to him, but does not include
i. the cash value of any food concession;
ii. any dearness allowance (that is to say, all cash payments by whatever name
called paid to an employee on account of a rise in the cost of living), houserent
allowance, overtime allowance, bonus, commission or any other
similar allowance payable to the employee in respect of his employment or
of work done in such employment;
iii. any presents made by the employer;
CA AnKiT BoHrA (AB)
(Expert)
08 January 2015
Some where rate can b 10 %
10% rate is applicable for
Any establishment in which less than 20 employees are employed.
Any sick industrial company and which has been declared as such by the Board for Industrial and Financial
Reconstruction
Any establishment which has at the end of any financial year, accumulated losses equal to or exceeding its
entire net worth and
Any establishment in following industries:-
(a) Jute (b) Beedi (c) Brick (d) Coir and (e) Guar gum Factories.
10% rate is applicable for
Any establishment in which less than 20 employees are employed.
Any sick industrial company and which has been declared as such by the Board for Industrial and Financial
Reconstruction
Any establishment which has at the end of any financial year, accumulated losses equal to or exceeding its
entire net worth and
Any establishment in following industries:-
(a) Jute (b) Beedi (c) Brick (d) Coir and (e) Guar gum Factories.
nikita tayal
(Querist)
08 January 2015
one more query
for ESI deduction
For esi deduction the slab rate of 15000 is considered on which salary gross or basic??????
for ESI deduction
For esi deduction the slab rate of 15000 is considered on which salary gross or basic??????
CA AnKiT BoHrA (AB)
(Expert)
08 January 2015
Salary definition in pf and esi is differ
ESI applicable on gross salary
ESI applicable on gross salary
08 January 2015
Hi
PF is calculated @12% on Basic + DA + Special allowances
Refer FAQ https://www.caclubindia.com/forum/details.asp?mod_id=233718
Pl note from Sep 14 limit for wages is increased to Rs 15k from Rs. 6500
PF is calculated @12% on Basic + DA + Special allowances
Refer FAQ https://www.caclubindia.com/forum/details.asp?mod_id=233718
Pl note from Sep 14 limit for wages is increased to Rs 15k from Rs. 6500
08 January 2015
Refer article for your query on ESi
https://www.caclubindia.com/articles/esic-in-detail-16236.asp
https://www.caclubindia.com/articles/esic-in-detail-16236.asp
nikita tayal
(Querist)
08 January 2015
ok
thnku all experts
thnku all experts
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