Dear Dev,
I already know that if an employee is taking below 15K/M Salary than PF & ESIC are mandate to deduct.
also if his salary would be increase after few month and it will be increased above 15K/M however PF & ESIC amount will deduct continuously from his salary but i wanted to know that if an employee joined with Higher salary package which above 20K than PF & ESIC will not be deducted but if the employee want to deduct the PF amount from his salary than it will be.
Kindly provide me a better solution.. Thanks./
Regards,
Varun Kumar
From India, Delhi
I already know that if an employee is taking below 15K/M Salary than PF & ESIC are mandate to deduct.
also if his salary would be increase after few month and it will be increased above 15K/M however PF & ESIC amount will deduct continuously from his salary but i wanted to know that if an employee joined with Higher salary package which above 20K than PF & ESIC will not be deducted but if the employee want to deduct the PF amount from his salary than it will be.
Kindly provide me a better solution.. Thanks./
Regards,
Varun Kumar
From India, Delhi
Dear Varun,
if employee declaration in form 11 Stated that he/she is already member of EPF then company must have to deduct her/his PF inspite having basic plus DA exceed 15K. for example if An employee join company with 25K basic also he has declared in form 11 that he is not presently EPF member then its depends on your company weather to deduct PF or Not either your company Restrict the contribution on fixed 15K or company can deduct even on 25K however if company deduct PF on 25K (exceed 15K) then employee will not be member of EPS entire 24% contribution shall be deposit in EPF A/C column 1 Not in column 10 EPS A/C,
Warm Regard
Devesh Chauhan
Practicing In Accounts, Finance, Taxation, Labour Laws
From India, Basti
18if employee declaration in form 11 Stated that he/she is already member of EPF then company must have to deduct her/his PF inspite having basic plus DA exceed 15K. for example if An employee join company with 25K basic also he has declared in form 11 that he is not presently EPF member then its depends on your company weather to deduct PF or Not either your company Restrict the contribution on fixed 15K or company can deduct even on 25K however if company deduct PF on 25K (exceed 15K) then employee will not be member of EPS entire 24% contribution shall be deposit in EPF A/C column 1 Not in column 10 EPS A/C,
Warm Regard
Devesh Chauhan
Practicing In Accounts, Finance, Taxation, Labour Laws
From India, Basti
Dear Dev,
please guide me about the salary structure ,
what is the percentage of below details:--
Details:---
Gross Salary
Basic
HRA
City Compensatory All
Conveyance
Medical
Educational
LTC
Please provide me the % percentage of above details. Thanks./
Regards,
Varun Kumar
From India, Delhi
please guide me about the salary structure ,
what is the percentage of below details:--
Details:---
Gross Salary
Basic
HRA
City Compensatory All
Conveyance
Medical
Educational
LTC
Please provide me the % percentage of above details. Thanks./
Regards,
Varun Kumar
From India, Delhi
Dear Varun,
percentage of certain component is depends on company policy hence it may be differ company to company also according to CTC however salary component like medical, conveyance, LTA etc. is to reduce the tax burden of employee. the employer is not bound to provide the medical, conveyance, LTA because its not statutory component?
generally we do calculate the CTC
for eg. if CTC is 50000
we will calculate as under....
* basic 50% of CTC, 25K,
* HRA 50% of basic if employee is residing in metro city for non metro it is 40% of basic, assume employee is residing in gurgaon hence 40% of basic shall be consider, 10K,
* medical reimbursement 40% of basic, 10K,
* conveyance allowance 10% of basic, 2.5K
* LTA 10% of basic, 2.5K
total will be 100% 50000/-
i have not add
city compensatory allowance because it is fully taxable in income tax, and in medical allowance children tuition fees Rs. 100 per child is exempt sebjected to maximum two child,
hope it is clear Now
if any doubt let me know,
Thanks & Regard
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
percentage of certain component is depends on company policy hence it may be differ company to company also according to CTC however salary component like medical, conveyance, LTA etc. is to reduce the tax burden of employee. the employer is not bound to provide the medical, conveyance, LTA because its not statutory component?
generally we do calculate the CTC
for eg. if CTC is 50000
we will calculate as under....
* basic 50% of CTC, 25K,
* HRA 50% of basic if employee is residing in metro city for non metro it is 40% of basic, assume employee is residing in gurgaon hence 40% of basic shall be consider, 10K,
* medical reimbursement 40% of basic, 10K,
* conveyance allowance 10% of basic, 2.5K
* LTA 10% of basic, 2.5K
total will be 100% 50000/-
i have not add
city compensatory allowance because it is fully taxable in income tax, and in medical allowance children tuition fees Rs. 100 per child is exempt sebjected to maximum two child,
hope it is clear Now
if any doubt let me know,
Thanks & Regard
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
PT,ESIC,TDS,FBT ,S[1][1].Tax Calculator.xls
P.Tax new slab from july.09.pdf