PF Deduction for Subcontractors Without PF Code: Is This Calculation Method Right?

How to remit the PF compliance for subcontractors which don't have a PF code? Is it the correct way to deduct 60% * 40% * 25.15% (PF) on the total bill.

By merely deducting PF amount from the bill, you can't say that you are compliant with the Act. The deducted amounts should be credited to the respective contract employees. For this, they must have a PF account. The amount should be deducted at 12% of basic+DA paid. As you know, you don't have to calculate; the site will do it.

The apportionment between 60/40% depends on how much is the labor/material/machinery/other infrastructural content in the work order. If it is only labor supply, then the PF authorities insist on a higher PF contribution. The question is whether, by a 60:40 apportionment, the laborers are getting at least minimum wages and the PF coverage thereon. If it is not so, please enhance the wage component suitably so that PF coverage is ensured on Minimum Wages (Basic+DA).

What is the significance of the 40% and 60% specified there?
The PF is to be paid on the actual wages of the workers working. You need to ask for the wage register and verify.