MY GROSS SALARY IS 18940/- CTC IS 18940+1440(employer side pf)=20380/- at the time of IT computing what will be total pf deduction from ctc. whether 12% or 24%. please reply
From India, Jamnagar
From India, Jamnagar
dear only your share that is 12% will be counted for Tax exemption purpose. regards j s malik
From India, Delhi
167From India, Delhi
dear employer contribution towards PF is not your income ,so why you will pay tax on it. regards js malik
From India, Delhi
From India, Delhi
Dear sir,
thanks for valuable responce
My Break up is Rs.18940 /- P.M.
Basic Rs.12000/-
Sp. All Rs.2100/-
Proj All Rs.1200/-
Conv Rs.1200/-
Medical Rs.1440/-
LTA Rs. 1000/-
………………………..
Gross Salary Rs. 18940/-
+ PF contribution by Co. Rs. 1440/-
CTC 20380/-
in given CTC what is untaxable PF ammount.
2880/- or 1440/-
From India, Jamnagar
thanks for valuable responce
My Break up is Rs.18940 /- P.M.
Basic Rs.12000/-
Sp. All Rs.2100/-
Proj All Rs.1200/-
Conv Rs.1200/-
Medical Rs.1440/-
LTA Rs. 1000/-
………………………..
Gross Salary Rs. 18940/-
+ PF contribution by Co. Rs. 1440/-
CTC 20380/-
in given CTC what is untaxable PF ammount.
2880/- or 1440/-
From India, Jamnagar
Pankaj, IT returns are filed on the basis of Gross Salary not CTC and your Gross Salary is Rs 18940/- out of which Rs 1440/- is exempted under Sec 80C of Income Tax. Saurabh
From China, Leizhou
From China, Leizhou
Also note that conveyance allowance of upto a maximum of Rs. 9600 p.a. is exempt from Tax. LTA is also exempt from Tax.
From India, Mumbai
From India, Mumbai
dear all,
please give the complete details about pf (employee & employer) contribution and from where we can find out our pf balance amount in department, and if we claim to withdraw the pf amount what will be the time to get refund.
Regards,
Pramod.L
From India, Bangalore
please give the complete details about pf (employee & employer) contribution and from where we can find out our pf balance amount in department, and if we claim to withdraw the pf amount what will be the time to get refund.
Regards,
Pramod.L
From India, Bangalore
And this Rs.1440 is your contribution to PF which is exempted from tax. For the purpose of IT calculation, you don't take into consideration employer's contribution to PF as salary income.
Hope that clarifies
Thanks
Geeta
From Korea, Seoul
Hope that clarifies
Thanks
Geeta
From Korea, Seoul
Dear Pramod
Normally it takes 60-90 days for processing of PF claims. As far as I know, the balance can be ascertained from the records maintained by HR or if you are getting pay slips regularly you can verify. PF dept. issues Form 3A which is annual statement of accounts which can also be used to verify the balance.
Regards
Bhavan
From India, Bangalore
Normally it takes 60-90 days for processing of PF claims. As far as I know, the balance can be ascertained from the records maintained by HR or if you are getting pay slips regularly you can verify. PF dept. issues Form 3A which is annual statement of accounts which can also be used to verify the balance.
Regards
Bhavan
From India, Bangalore
Dear All,
Section 6 of PF Act (other than the Establishments. declared as sick), contribution of employees are 12% of the basic pay DA.
Special Allowance is a part of DA which is considering in PF contribution of the employees.
CTC means Cost To Company, a total amount which is expensing on the employees including contribution of employer for PF, ESIC, and Bonus etc.
Employer gets the benefits on his all payable contribution for Income Tax.
While computing individual Income Tax consider only his payable contribution (not an employer)
Best Regards,
Sunil Wayal
From India, Pune
Section 6 of PF Act (other than the Establishments. declared as sick), contribution of employees are 12% of the basic pay DA.
Special Allowance is a part of DA which is considering in PF contribution of the employees.
CTC means Cost To Company, a total amount which is expensing on the employees including contribution of employer for PF, ESIC, and Bonus etc.
Employer gets the benefits on his all payable contribution for Income Tax.
While computing individual Income Tax consider only his payable contribution (not an employer)
Best Regards,
Sunil Wayal
From India, Pune
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