Dear All,
I just want to get it clear that PF, ESIC, and Bonus calculations are done on gross or net salary and the logic behind it. For example, PF is 12% of the employee's contribution, and 12% is the employer's contribution in general. So, the 12% is of which? Is it the monthly net take-home pay or the monthly gross pay?
The same question applies to ESIC and bonus calculations. Furthermore, I want to clarify that the new limit for ESIC is now ₹15,000 per month. Is this limit based on the gross salary or the take-home salary amount? Lastly, I would like information on the slabs for professional tax deductions.
Thank you.
From India, Mumbai
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I just want to get it clear that PF, ESIC, and Bonus calculations are done on gross or net salary and the logic behind it. For example, PF is 12% of the employee's contribution, and 12% is the employer's contribution in general. So, the 12% is of which? Is it the monthly net take-home pay or the monthly gross pay?
The same question applies to ESIC and bonus calculations. Furthermore, I want to clarify that the new limit for ESIC is now ₹15,000 per month. Is this limit based on the gross salary or the take-home salary amount? Lastly, I would like information on the slabs for professional tax deductions.
Thank you.
From India, Mumbai
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Dear , Pf is calculate on Basic + da and esic calculate on gross salary ( except the washing allowance) p. tax calculate on gross salary regards, Mahesh
From India, Surat
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15From India, Surat
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slab of p tax in gujarat is 0 to 2999 = 0 rs of p.tax 3000 to 5999 = 20 rs 6000 to 8999 = 80 rs 9000 to 11999=150 rs 12000 and above =200 rs regards, Mahesh
From India, Surat
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From India, Surat
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The contributions towards EPF and ESI are payable on the gross amount, not on the net. The simple logic is "the amount payable or due," not the net or actually paid.
EPF at 12% is payable on the monthly gross amount of Basic + DA + (retaining allowance + value of food concession if any). ESI is payable on all monthly gross remuneration payable in cash to an employee, except washing allowance and some other special allowances paid to defray any special expense incurred by him, depending on his nature of employment. The rate is 1.75% & 4.75% for the employee's and employer's contributions.
Bonus is also calculated on the gross basic and DA.
ESI limit w.e.f. 1/5/10 is Rs. 15,000/- per month. Contributions are as explained above.
From India, Delhi
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EPF at 12% is payable on the monthly gross amount of Basic + DA + (retaining allowance + value of food concession if any). ESI is payable on all monthly gross remuneration payable in cash to an employee, except washing allowance and some other special allowances paid to defray any special expense incurred by him, depending on his nature of employment. The rate is 1.75% & 4.75% for the employee's and employer's contributions.
Bonus is also calculated on the gross basic and DA.
ESI limit w.e.f. 1/5/10 is Rs. 15,000/- per month. Contributions are as explained above.
From India, Delhi
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Hello! I want to know details about ESI including all statutary formalities related to this ESI. I expect help from you. CAN you do pls ? Regards, S.Shankar 09833961172
From India, Uran
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From India, Uran
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Hi, friend, PF is detected at 12% on (basic + d.p. + d.a.) employees' contribution & the same contribution of the employer, up to 6500/- p.m. Salaried employees PF deduction is compulsory with a minimum 12% deduction. Above that depends on employees; he can deduct more amount for PF from his salary, but the employer's contribution is fixed.
Regards, Mr. Mahendra
From India, Mumbai
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Regards, Mr. Mahendra
From India, Mumbai
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PF is calculated on BASIC+GRADE PAY+D.A. of 12% monthly salary of employee and contribution of employer is either 12% of 6500 or 12% of above which is less. Mahendra12
From India, Mumbai
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From India, Mumbai
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PF Calculation Details
PF is calculated on BASIC + GRADE PAY + D.A. at 12% of the monthly salary of the employee. The employer's contribution is either 12% of ₹6,500 or 12% of the amount above that, whichever is lower.
Reference: https://www.citehr.com/276883-pf-esi...#ixzz2exaKt6IO
From India, Mumbai
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PF is calculated on BASIC + GRADE PAY + D.A. at 12% of the monthly salary of the employee. The employer's contribution is either 12% of ₹6,500 or 12% of the amount above that, whichever is lower.
Reference: https://www.citehr.com/276883-pf-esi...#ixzz2exaKt6IO
From India, Mumbai
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PF ESIC.xls