I have a few queries regarding PF calculations. Please provide me with the correct formula to calculate PF.
In the attached Excel file, I have done the PF calculation as per my knowledge. I have performed two calculations with three different basic salary amounts. Please tell me which one is correct. If both are wrong, then what is the correct calculation?
From India, Mumbai
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In the attached Excel file, I have done the PF calculation as per my knowledge. I have performed two calculations with three different basic salary amounts. Please tell me which one is correct. If both are wrong, then what is the correct calculation?
From India, Mumbai
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I have gone through the Excel sheet and both of your options. I think your first option is correct. As an employee, PF is 12% of the basic salary of the employee, and the employer's PF is 12% of the minimum basic pay of 6500/-, i.e., fixed to 780/-.
Regards,
Namrata
From India, Mumbai
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4Regards,
Namrata
From India, Mumbai
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Provident Fund - Excluded Employee - Definition.pdf