Hi,
Before 3 days PF inspector came at our factory and conduct audit for 2010-11.
We paid salary and overtime both on salary day (7th each month). Inspector asked me to make a list of total salary and overtime amount month wise for a year. Overtime Total was 240000. He said that you have to submit EPF on overtime amount which is 61464.00.
My question is whether Overtime amount falls under EPF?
I heard that if we show overtime in salary sheet then we have to pay EPF on O.T amount and if we show overtime separately then don;t need to pay.
Please suggest me as we have to pay a more amount.
Before 3 days PF inspector came at our factory and conduct audit for 2010-11.
We paid salary and overtime both on salary day (7th each month). Inspector asked me to make a list of total salary and overtime amount month wise for a year. Overtime Total was 240000. He said that you have to submit EPF on overtime amount which is 61464.00.
My question is whether Overtime amount falls under EPF?
I heard that if we show overtime in salary sheet then we have to pay EPF on O.T amount and if we show overtime separately then don;t need to pay.
Please suggest me as we have to pay a more amount.