Are You Struggling with Payroll Deductions? Check Out This Handy Calculator!

Hi,

Please find the attachment of PF, ESI, PT, TDS, FBT calculator.

Hope this will be useful to you.

Regards,
Prasad

Dear Prasad,

First of all, thank you very much for the file format. But is this file prepared as per the rules and regulations in Maharashtra? Because the slabs of PTax in Maharashtra are as follows:


- Rs. 2500 - P Tax is NIL
- Rs. 2500 - Rs. 3500 - Rs. 60
- Rs. 3500 - Rs. 5000 - Rs. 120
- Rs. 5000 - Rs. 10000 - Rs. 175
- Rs. 10000 & above P Tax is Rs. 200 per month except for February
- Rs. 300 in the month of February (Maximum of Rs. 2500 per annum)


Can you work it out for Maharashtra, PF, and all?

Good effort, Mr. Prasad,

I have gone through the calculator, but it has some confusing statements due to changes or amendments in laws/policies.

For example:

1. In the PF calculator, you have mentioned that 8.33% goes to the PENSION Fund and 3.67% goes to the PF Fund from the employee's contribution, which actually comes from the employer's contribution.

[Employee: 12% (P.F)
Employer: 3.67% Provident Fund (A/c 1) + 8.33% Pension (A/c 10) + 1.10% Admin Charges on PF (A/c 2) + 0.50% EDLI (A/c 21) + 0.01% Admin Charges on EDLI (A/c 22) => 13.61% on basic]

2. The Service Tax has been revised to 10% instead of 12%, while the education cess and higher secondary cess remain the same.

3. It's not clear for which state the Professional Tax (PT) is being calculated. In Madhya Pradesh (MP), there are fixed slabs for the same:

- 120,000-150,000: 1,000/year or 83/month (any difference adjusted in the last deduction)
- 150,000-180,000: 1,500/year or 125/month
- > 180,000: 2,500/year or 212/month

However, the formulae used in the calculator are different.

The rest of the calculator is okay. Yes, the checklist is really useful.

Regards,

VK

Please send me this PF, ESI, PT, TDS, FBT calculator.

The following mentioned company employee salary how to be considered and at what percentage rate:

Basic, HRA, Misc. Allowance, Medical Allowance, Conveyance Allowance, Education Allowance, Conveyance Reimbursement, Other, Arrears, Bonus, LTA.

Hi Prasad,

Could you explain to me about the basic salary of the employer? I would like to know what amount is to be incorporated. Is the basic salary of the employee and employer the same?

Regards,
Ravi

Hi,

It's a very helpful calculator. I was going through the PF calculator. Why have you divided two columns of basic salary for the employee and employer? I have a question about the condition of $6500 as the basic salary. Can you explain that?

Please note that there is a minor mistake in the ESI calculation sheet, which shows 'admin charges,' but this is not applicable in ESI.

Hi Durga,

The calculation index for PF, ESI, and TDS, etc., is really nice and helpful. Moreover, it is all consolidated in one Excel sheet. I have been getting inputs from different sources, but most of them were a bit confusing. Yours is the best!

Cheers,
Amit

I have worked in M/s Parakh Enterprises, a sister consultant of Ralon Industries Pvt Ltd in Bhopal. I have left my service, and to date, I have not received my PF amount. My PF number is PN/6094/1448. Can you send me the status of my application.

Dear All,

Can anybody tell me, is there any salary limit in the Contract Labour Act? As far as I know, it is below Rs 1600/- per month.

Goutam Kr Tapedar

Need some information on PF calculation on the below points:

1) PF is calculated at 12% on the basic, but is this fixed at Rs 780 as well?

2) Is PF calculated on Basic * special Allowance if the total of both is below 6500?

Let me remind you that the PT slab has changed from July 1st, 2009, and FBT is now not deducted. So kindly make the necessary changes in the attachment and use it.

Hello, everyone.

Please send me the complete formula for calculating salary. For example, I just want to give a net salary of 60,000 per month to my employee. How do I calculate all the taxes? And how do I generate the salary?

Thank you.

Regards,
Sanjay Pansuriya

Hi Prasad,

The calculator that you sent is useful. Could you please assist me in designing an offer letter with new tax details? This would be beneficial for me in revising offer letters for employees with tax exemptions or eligibility criteria.

Kind Regards,
Preetha
HR Associate