Unable To Understand Gross Salary, Professional Tax & Provident Fund

hello
sir good afternoon
i have some problem i am new person is my office, in my office i don't know about provident fund. how i calculate gross salary , and net salary and professional tax. in my office there is one boy he knows every thing but he didn't share with me so i have so much problem so please help me to know about pf. pl. sir
thanks sir

Hi,
Pls go thru this attachment if this can be of any help to you. PF deduction is usually 12% from the basic salary.
Thnx and regds.

shall anybody help me for preparing a payslip for a home take salary of 18thousand rupees per month

HI,
For Example : If your Gross salary is 30000/Month.
Then the Basic salary will be 40% of gross(30000) - 12000/-
HRA (40% of basic in case of non-metro, 50% for metro cities) - 4800
Conveyance - 800
Medical ------1250
LTA --1000
Special Allowance --10150 (Remaining amount )
Total - 30000
Deduction
P.tAX- 200
PF - 12% on Basic (12000)----1440
Total - Deduction = Net salary
30000 - 1640 = 28360
(Gross)
Regards
Kumar

Dear Sir,
Profession deduction is Rs.200. Regarding P.F.deduction, if his Basic pay is morethan Rs.6500/- and he is not a member of
PF., he is not eligible. If he is already a member and we have continure him in P.F. and the deduction of P.F should be restricted
to Rs.6500/- at 12% rate.
D.Gurumurthy
HR/IR Consultant

Hai friends,
Profession deduction is Rs.200. Regarding P.F.deduction, if his Basic pay is morethan Rs.6500/- and he is not a member of PF, he is not eligible. If he is already a member then we will continue him in P.F. and the deduction of P.F should be restricted to Rs.6500/- at 12% rate on basic or even depends upon the company, some companies prefer to have maximization of 780 per month. This is for your information & regards.

Pls anybody can let me know under which Act it says that the Basic should be 40% of gross ,,,,,it would be great if shares the notification......
Regards,
Rajesh N

I have one clarification
Suppose I leave job with in one yr of joining. go for higher study . can I close EPF account and get the amount along with interest . what is procedure for this...
Regards

hai Goodmorning This is anu please tell me what is the difference between Earned leaves & CLs and what is the procedure to apply Els in my company they provide only quterly 2 cls , total 8 cls . And if any Procedure is their to apply ELS and how many ELs we can use ina month

Dear Mr. Rajesh,
I have never heard of Basic salary 40% of Gross anywhere. So far as my knowledge goes, Basic Salary, forms the very basis of salary. This is the core of salary, and many other components may be calculated based on this amount. It usually depends on one’s grade within the company’s salary structure. It is a fixed part of one’s compensation structure. So you must know the Basic Salary in order to break the salary in to various components.
More over, as salary structure varies from one organisation to another, I suggest you to create an arbitrary salary break up for your company by following Salary forum posts available in internet.
Thanks and regards.