Hello Francis,
Hope you are already cleared your query about gross salary from the above members discussions.What else here i would like to inform you about P.F :
There are two (2) cases to be considered for PF formulation.They are as follows :
(1) LIMITED P.F : here the Provident Fund's limit is fixed by the government that is 6,500(mandatory).Again by considering the following two(2) cases :
(A) If the basic salary is more than Rs 6,500,then 6,500*12%
(B) If the basic salary is less than Rs 6,500,then whatever the basic *12%,gives you the Pf contribution amount.
(2) UNLIMITED P.F : here the company fix the statutory limit for the PF,that is whatever the basic salary *12%
Hope the above will help you somehow by clearing your query about Provident Fund.
Regards
SATYAJEET.
From India, Madras
1Hope you are already cleared your query about gross salary from the above members discussions.What else here i would like to inform you about P.F :
There are two (2) cases to be considered for PF formulation.They are as follows :
(1) LIMITED P.F : here the Provident Fund's limit is fixed by the government that is 6,500(mandatory).Again by considering the following two(2) cases :
(A) If the basic salary is more than Rs 6,500,then 6,500*12%
(B) If the basic salary is less than Rs 6,500,then whatever the basic *12%,gives you the Pf contribution amount.
(2) UNLIMITED P.F : here the company fix the statutory limit for the PF,that is whatever the basic salary *12%
Hope the above will help you somehow by clearing your query about Provident Fund.
Regards
SATYAJEET.
From India, Madras
The basic need not be always 40%, it depends upon the Company policy, it can range between 30 to 60% , so it can be 30% on basic or 40% is decided by the company.......... but the min is 30% .......
From India, Bangalore
From India, Bangalore
PF can be claimed if you have drawn a complete one month's salary (atleast 30days pay), yes you can claim your PF amount with interest, and it will fetch you interest until 3 years, after 3 years you will not be getting anymore interest on the amount but you can draw your PF amount from your PF account....
From India, Bangalore
From India, Bangalore
Mr. Sunil Sir. For Your Kind Information I Just Tell You, According to PF Law Every Employee Contribute His PF While His Basic Salary Is More Than Rs-1Crore. Thanks & Regards, Lokesh Yadav 9560920941
From India, Delhi
From India, Delhi
Hi lachiya,
The state Government of each state is empowered with the responsibility of structuring and formulating the professional tax criteria and also required to collect funds through professional tax. it is charged under the Seventh Schedule, Sate List of the Indian constitution. And Professional Tax is levied for Government infrastructural development purposes.
The Professional Tax structure followed in Tamil Nadu is on a half yearly basis. refer the TN govt. website Professional-Tax (may click on the link ) both old as well as new slab rates are available........
Hope the info is sufficient for you...
From India, Bangalore
The state Government of each state is empowered with the responsibility of structuring and formulating the professional tax criteria and also required to collect funds through professional tax. it is charged under the Seventh Schedule, Sate List of the Indian constitution. And Professional Tax is levied for Government infrastructural development purposes.
The Professional Tax structure followed in Tamil Nadu is on a half yearly basis. refer the TN govt. website Professional-Tax (may click on the link ) both old as well as new slab rates are available........
Hope the info is sufficient for you...
From India, Bangalore
My friend lokesh,
I did not get your question please be clear so that i can get u, this is for information i need clarity about what u are trying to tell me i never spoke in terms of salary like His Basic Salary Is More Than Rs-1Crore so he does not pf. try to speak reality what u are trying to tell me or convince be clear before telling something to others
From India, Bangalore
I did not get your question please be clear so that i can get u, this is for information i need clarity about what u are trying to tell me i never spoke in terms of salary like His Basic Salary Is More Than Rs-1Crore so he does not pf. try to speak reality what u are trying to tell me or convince be clear before telling something to others
From India, Bangalore
Hi
Gross Salary =(Basic +HRA +T.A+ M.A+LTA+S.A)
Some Rules
Basic Salary (50% in Metro OR 40% in Non-Metro)
HRA (50% in Metro OR 40% in Non-Metro)
T.A Fixed 800 per month
M.A 1250 per month
the Calculation
if for eg G.S per month is 50,000
Basic 20,000 (40% of G.S) (e.g - Hyderabad)
HRA 8000 (40% OF Basic) (e.g -Hyderabad)
T.A 800
M.A 1250
Special Allowance 19950 (Gross Salary - (Basic+HRA+TA+MA)
Deduction
Profession tax
In hyd the PT is 200 if G.S is above 20,000
P.F by ee
Provident Fund has many cond.
As his basic salary is more then 6500 he is not eligible to entitled for P.F, But if He continues to deduct PF. since his salary was 6500, he can deduct the p.f either on shrink basic means 6500/- or on 20,000,
here we take P.F as 12% on 6500=780
780+200=980 (deductions)
Gross Salary -Deductions = Net Salary
50,000-980=49020
here imp to note that PF is brief concept depends upon company norms.Sometime it is calculated on shrink basic (12% of 6500 , if basic <6500) or sometimes on original basic means
(12 % on 12000, if the basic is 1200 no need to shrink it)
Regards
Aditi Shrivastav
From India, Delhi
Gross Salary =(Basic +HRA +T.A+ M.A+LTA+S.A)
Some Rules
Basic Salary (50% in Metro OR 40% in Non-Metro)
HRA (50% in Metro OR 40% in Non-Metro)
T.A Fixed 800 per month
M.A 1250 per month
the Calculation
if for eg G.S per month is 50,000
Basic 20,000 (40% of G.S) (e.g - Hyderabad)
HRA 8000 (40% OF Basic) (e.g -Hyderabad)
T.A 800
M.A 1250
Special Allowance 19950 (Gross Salary - (Basic+HRA+TA+MA)
Deduction
Profession tax
In hyd the PT is 200 if G.S is above 20,000
P.F by ee
Provident Fund has many cond.
As his basic salary is more then 6500 he is not eligible to entitled for P.F, But if He continues to deduct PF. since his salary was 6500, he can deduct the p.f either on shrink basic means 6500/- or on 20,000,
here we take P.F as 12% on 6500=780
780+200=980 (deductions)
Gross Salary -Deductions = Net Salary
50,000-980=49020
here imp to note that PF is brief concept depends upon company norms.Sometime it is calculated on shrink basic (12% of 6500 , if basic <6500) or sometimes on original basic means
(12 % on 12000, if the basic is 1200 no need to shrink it)
Regards
Aditi Shrivastav
From India, Delhi
Hi Rock Francis,
Gross salary is the one with your total earnings.
Net salary is something which you get after all the deductions (PF,PT,EMI e.t.c).
Whereas PT is concerned it stands for Professional Tax and is deducted on a monthly basis depending on your gross earnings.It varies state wise too.
PF stands for Provident Fund.PF is deducted from your gross salary depending on some set rules as well as company policy,you need to read about the same to understand it well.
Regards,
Prachi Shinde
From India, Thana
Gross salary is the one with your total earnings.
Net salary is something which you get after all the deductions (PF,PT,EMI e.t.c).
Whereas PT is concerned it stands for Professional Tax and is deducted on a monthly basis depending on your gross earnings.It varies state wise too.
PF stands for Provident Fund.PF is deducted from your gross salary depending on some set rules as well as company policy,you need to read about the same to understand it well.
Regards,
Prachi Shinde
From India, Thana
dear Rajesh
As per my experience there is no any rule that you should calculate at 40% basic of gross, it depends on co. policy, generally in metro it is 40% otherwise 50%. Keeping basic at 40% or % 50% of gross will reduce the liability of employer on PF, Bonus, Gratuity, Leave encashment etc.
Thanks.
Dilip
9374533460
From India, Surat
As per my experience there is no any rule that you should calculate at 40% basic of gross, it depends on co. policy, generally in metro it is 40% otherwise 50%. Keeping basic at 40% or % 50% of gross will reduce the liability of employer on PF, Bonus, Gratuity, Leave encashment etc.
Thanks.
Dilip
9374533460
From India, Surat
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Gross Salary(1).xls