Epf or esi

Employee Contribution
Tally F7

Salary A/c Dr
To Salary payable A/c Cr
To PF A/c Cr
To ESI. A/c Cr
( Deduction of ESI , PF )

Show PF , ESI under Current Liability.

Payment entry F5

PF A/c Dr
ESI A/c Dr
To Bank A/c Cr
( Deposited in Govt account)


Employer Contribution entry
Tally F5

ESI. A/c Dr
PF A/c Dr
To Bank A/c Cr
( payment in GOVT Account)

Tranfer to P&L under Indirect expenses
Tally F5

Profit & Loss A/c Dr
To ESI A/c Cr
To PF. A/c Cr
( transfer entry)

Transfer to P&L under Indirect expenses.
Tally F5

Profit & Loss A/c Dr
To ESI A/c Cr
To PF. A/c Cr
( transfer entry)

this is already included in 1st entry Dr. Salary expense. Rest all accounts fall under C liabilities then Great

1st  entry is  different  that is  employees  contribution  ,  ESI & PF Contribution by employer is an expenses to him so we have to show under Indirect expenses. , in tally not necessary transfer entry , you can show ESI , PF contribution. made by employer under Indirect expenses directly. however to understand I made transfer entry.

Originally posted by : Yasaswi Gomes new
	Transfer to P&L under Indirect expenses. Tally F5 Profit & Loss A/c Dr To ESI A/c Cr To PF. A/c Cr ( transfer entry) this is already included in 1st entry Dr. Salary expense. Rest all accounts fall under C liabilities then Great

No need any separate entry for PandL account.

Bcoz, If We prepare ledgers correctly in Tally then it's automatically going to PandL account.

So, No need JV to PandL.

Originally posted by : RAJA P M
	Originally posted by : Yasaswi Gomes new Transfer to P&L under Indirect expenses. Tally F5 Profit & Loss A/c Dr To ESI A/c Cr To PF. A/c Cr ( transfer entry) this is already included in 1st entry Dr. Salary expense. Rest all accounts fall under C liabilities then Great No need any separate entry for PandL account. Bcoz, If We prepare ledgers correctly in Tally then it's automatically going to PandL account. So, No need JV to PandL.

 

In case any balances (may be write off or adjustments) c/f to PandL account then we can provide JV to PandL (or vice a versa)

Ok epf and esi calculations over. 

Hra over

Others over 

Now income tax on tax brackets

0

+2.5 lakhs minus 5 lakhs= 2.5 lakh into 5%

+ Another tax bracket= 5 lakhs into 20%

+11 lakh minus tenn lakh = one lakh*30 percent

-tax rebat

+Education cess 4%

+Tds on bonus over

=Tax liability

Will this final amount be shown in salary slip?

 

If deduct TDS then Tax Liability is Zero...

TDS will be shown in Salary Slip...

In case Liability arise then it's can't be shown in Salary Slip. But, It will be show in Form 16.

Now I have another problem. I have learnt it formula in payroll classes 

Here, on cleartax portal is saying 

First slab = 0

Second slab = 12.5 lakhs

Third slab = 1 lakh. But not salary minus lower bracket. This is for tds and taxable income minus slab rates into 30%  is for IT.

What is the truth? 

😇😇😇😇😇😇

If You heared in clear tax then ask the same in clear tax...

Ha Ha Ha ha Ha ha....

😎😎😎😎😎

Originally posted by : Yasaswi Gomes new
	Now I have another problem. I have learnt it formula in payroll classes Here, on cleartax portal is saying First slab = 0Second slab = 12.5 lakhsThird slab = 1 lakh. But not salary minus lower bracket. This is for tds and taxable income minus slab rates into 30%  is for IT.What is the truth?

 

No clarity...

I don't get anything in this message....

192 b tds section and Income tax on salary Example Income tax payable on salary is 50000 Tds 192 section on salary is 4500 How to integrate both of them?

Post values. this is not a training forum

@ Raja PM What to do with these two red high listed numbers? the problem is in sheet 2!

@ Sabyasachi look at sheet 2 and advise me what to do with both the numbers highlighted in red.