banner_ad

Employee's contribution received by the employer

IPCC 704 views 32 replies
User Avatar

60 Points Posted on 23 April 2018
To people who called others "experts" ^^
thank you so much, @ Manish
5 Reply
On 23 April 2018 at 17:58
User Avatar

"Do the Right Thing...!!!"
128147 Points Posted on 23 April 2018

Thank You for the attending this query Mr Manish...

yes

463 Reply
On 23 April 2018 at 18:14
User Avatar

"Do the Right Thing...!!!"
128147 Points Posted on 23 April 2018
Originally posted by : Kashish Jain
To people who called others "experts" ^^thank you so much, @ Manish

Thanks...

But, Not like this...

463 Reply
On 23 April 2018 at 18:15
User Avatar

"Do the Right Thing...!!!"
128147 Points Posted on 23 April 2018

Dear Mr. Manish.,

No more doubts in my side...

 

I want a small accountability...

What about employee's contribution under Employer's books of accounts...?

It's income or Liability....?

463 Reply
On 23 April 2018 at 18:17
Guest

A liability. 

It is income only under income tax law.

Reply
On 23 April 2018 at 18:24
User Avatar

Chartered Accountant
86505 Points Posted on 23 April 2018
Perfectly answered Manish....

What I want to said you explained properly with example....
814 Reply
On 23 April 2018 at 19:28
Guest
Thank you Rashmi Ji
Reply
On 23 April 2018 at 20:47
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
Make first entry..... SALARY A/C DR....... TO BAnk A/c.... To employee contribution towards PF A/C...... To Employers contribution towards PF A/c..
49 Reply
On 23 April 2018 at 21:37
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
Second entry is..... Employees contribution towards PF A/C DR..... Employers contribution A/C DR..... Administration charges A/C DR...... To Bank ACCOUNT
49 Reply
On 23 April 2018 at 21:39
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
At the balance sheet date PF contribution which is unpaid shown as current liability in ur balance sheet..... By doing this u book all ur employees obligation benefits as an expense
49 Reply
On 23 April 2018 at 21:40
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
And when u make payment before return filing due date u get deduction for that.... Under section 43B.... Certain expenses deduction on payment basis
49 Reply
On 23 April 2018 at 21:41
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
Hlw Manish sir... Whether in ur example salary of Rs. 1 lakh include na Rs. 12000 of employees contribution..... Only then that example is correct.... As employees contribution towards pf also employees benefit obligations expenses..... I mean employee get only net amount Rs. 88000 and Rs. 12000 deposit to Fund.... While salary expenses is Rs. 1 lakh plus 12 k employers contribution...
49 Reply
On 23 April 2018 at 22:17
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
That's why employee contribution first added in employers income and after that he get deduction for that payment..... And no effect... Bcz he already claimed that as a salary expenses
49 Reply
On 23 April 2018 at 22:18
User Avatar

Student CA Final
11857 Points Posted on 23 April 2018
Employees doesn't contribute from his own pocket.... Its salary amount from employer deducted that and deposit that amount to fund.... So its employer expenses.... Hope all agrees with my points.... And hope query also resolved Raja sir
49 Reply
On 23 April 2018 at 22:19
Guest
Originally posted by : Divakar
Hlw Manish sir... Whether in ur example salary of Rs. 1 lakh include na Rs. 12000 of employees contribution..... Only then that example is correct.... As employees contribution towards pf also employees benefit obligations expenses..... I mean employee get only net amount Rs. 88000 and Rs. 12000 deposit to Fund.... While salary expenses is Rs. 1 lakh plus 12 k employers contribution...

 

Definitely, Divakar Ji.

Reply
On 24 April 2018 at 08:00


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details