PF , ESI

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2011 PF : Provident fund is calculated @ 12% on the basic
salary, which indeed is deducted from Employee's salary and
the same plus 12% on the basic is contributed by the
employer. So the aggreate 12% + 12% is remitted to the
Provident fund Department

ESI : Employee State Insurance is calculated at 1.75% on
the gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT : VAT percentage is 1, 4, 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

THIS ENTRY CORRECT OR NOT PLS....

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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01 March 2011 The statements made by you are correct.

You haven't shown any (accounting) entry, though you are asking to comment on it.

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2011 DEAR SIR, MR. THRISSURKKARAN... LOTS OF THANKS

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