I would be thankful if you could let me know the complete payroll processing, such as salary breakdown, ESI/PF formalities, rules related to bonuses, gratuity, leaves, TDS, etc. Is there any source from where I can get the complete information?
Thanks & Regards,
Ravina
From India, Mumbai
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Thanks & Regards,
Ravina
From India, Mumbai
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Your questions are general, not specific. First of all, you must mention if you are working, a non-working individual, or a fresher. If you are working, please indicate whether you are using any payroll software or not. For PF, ESI, BONUS, and GRATUITY, please refer to the relevant acts.
Please specify your requirements so that you may receive the necessary information.
Regards,
P. K. MISHRA
From India
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25Please specify your requirements so that you may receive the necessary information.
Regards,
P. K. MISHRA
From India
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Dear Seniors, Is it necessary to have a different bank account for PF deductions in salary? If I do not have a PF account in any bank, can PF be deducted or not? I am just a fresher to the industry, so kindly advise, and I shall be obliged.
Thanks & Regards,
Pranati
From India, Rampur
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Thanks & Regards,
Pranati
From India, Rampur
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Dear Seniors, I would be thankful if you could let me know the complete payroll processing, such as salary break-up, ESI/PF formalities, rules related to bonus, gratuity, leaves, TDS, etc. Is there any source from where I can get the complete information?
Thanks & Regards,
TRIVEDI
From India, Mumbai
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Thanks & Regards,
TRIVEDI
From India, Mumbai
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Salary Breakdown and Deductions
You have asked for very detailed information. Salary depends on the package or the CTC (Cost to Company). It comprises Basic Pay, DA, HRA, CCA, and other allowances (like conveyance, uniform, tiffin, etc.). Deductions consist of "Statutory Deductions" like EPF at 12%, ESI at 4.75%, PT as prescribed, TDS for individuals, etc., as well as "On Account" deductions (like advance/loan installments, LIC, savings, fines, penalties, etc.). The difference between the two is the "Take-Home Salary." Bonus and Gratuity are annual and terminal benefits, respectively.
Bank Account Requirement for PF
You do not need to have a bank account specifically for PF. PF is deducted from your salary and is deposited with RPFC, who maintains your account. However, you need to have a bank account for the credit of your salary. You can also mention this bank account to RPFC authorities at the time of withdrawing the deposits from your PF account.
Regards
From India, Chandigarh
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You have asked for very detailed information. Salary depends on the package or the CTC (Cost to Company). It comprises Basic Pay, DA, HRA, CCA, and other allowances (like conveyance, uniform, tiffin, etc.). Deductions consist of "Statutory Deductions" like EPF at 12%, ESI at 4.75%, PT as prescribed, TDS for individuals, etc., as well as "On Account" deductions (like advance/loan installments, LIC, savings, fines, penalties, etc.). The difference between the two is the "Take-Home Salary." Bonus and Gratuity are annual and terminal benefits, respectively.
Bank Account Requirement for PF
You do not need to have a bank account specifically for PF. PF is deducted from your salary and is deposited with RPFC, who maintains your account. However, you need to have a bank account for the credit of your salary. You can also mention this bank account to RPFC authorities at the time of withdrawing the deposits from your PF account.
Regards
From India, Chandigarh
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All wages must be above the minimum wages for concerned grade workers/staff. Later on, your company can decide the wage structure by keeping in mind all regulations of ESI/PF/Gratuity/Bonus/Leaves/TDS, etc. Please write to my company for more details at [Email Removed For Privacy Reasons]. I will advise you in a better way.
Dear Pranati, if any deduction in PF is made, the employer must have a PF account (in the EPF department). Please check with your employer or authority by giving a reference to the PF deduction.
Best Regards,
Sajid
From India, Delhi
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Dear Pranati, if any deduction in PF is made, the employer must have a PF account (in the EPF department). Please check with your employer or authority by giving a reference to the PF deduction.
Best Regards,
Sajid
From India, Delhi
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Very useful discussion. I find that there are no standard SOPs/rules regarding salary, carry home pay, CTC, gross emoluments, etc., in respect of the employees in the private industry. No two companies are paying in a set pattern. Don't you feel there is an urgent requirement to standardize the salaries?
Regards,
Harinder Sarao
HR Manager
KC Royal Park Hotel
Panchkula (Haryana)
[Email Removed For Privacy Reasons]
From India, Gurgaon
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Regards,
Harinder Sarao
HR Manager
KC Royal Park Hotel
Panchkula (Haryana)
[Email Removed For Privacy Reasons]
From India, Gurgaon
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Though you have not mentioned the size of your organization, it appears to be a small-scale industry that does not have any Payroll Software. If the number of employees is about 200 to 300, you may generate a Salary Sheet in Excel format. I am attaching a sample to generate a Salary Sheet as well as CTC. I hope it may solve your problem to some extent after suitable changes.
Regards,
RP Mishra
From India, Surat
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Regards,
RP Mishra
From India, Surat
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Ravina,
Your question is quite general, making it difficult to provide a comprehensive answer. I recommend focusing on specific acts. Feel free to email me for any clarifications at [Email Removed For Privacy Reasons].
Though you have not mentioned the size of your organization, it appears to be a small-scale industry without any Payroll Software. If the number of employees is around 200 to 300, you can generate a Salary Sheet in Excel format.
I am attaching a sample to help you create a Salary Sheet and CTC. I hope it will partially solve your problem after making suitable adjustments.
Regards,
RP Mishra
From India, Surat
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Your question is quite general, making it difficult to provide a comprehensive answer. I recommend focusing on specific acts. Feel free to email me for any clarifications at [Email Removed For Privacy Reasons].
Though you have not mentioned the size of your organization, it appears to be a small-scale industry without any Payroll Software. If the number of employees is around 200 to 300, you can generate a Salary Sheet in Excel format.
I am attaching a sample to help you create a Salary Sheet and CTC. I hope it will partially solve your problem after making suitable adjustments.
Regards,
RP Mishra
From India, Surat
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Creating a Competitive Salary Structure.doc
Salary Structure.zip