Hi,
I need clarification on PF details.
As per our salary slip, we are maintaining PF details. In that, the contributions of both the employee and the employer are deducted from our salary. With the help of the salary slip, everyone has maintained the records of PF. The deductions of both the employer and employee have been added and arrived at one figure for the financial year, i.e., March to March. This is how we have maintained our records. Now, we have received our PF slip from the department, and it's confusing.
PF details enclosed:
Below are the details of PF received from the department for the years 2007-2008, 2008-2009, and 2009-2010:
For the year 2007-2008
Opening Balance - Both Employee & Employer & Interest
Employee - 2729 + 412
Employer - 1280 + 164
Contribution During the Year
Employee - 4752
Employer - 1456
Closing Balance
Employee - 7893
Employer - 2900
For the year 2008-2009
Opening Balance - Both Employee & Employer & Interest
Employee - 7893 + 869
Employer - 2900 + 307
Contribution During the Year
Employee - 5136
Employer - 1570
Closing Balance
Employee - 19898
Employer - 4777
For the year 2009-2010
Opening Balance - Both Employee & Employer & Interest
Employee - 13898 + 1383
Employer - 4777 + 468
Contribution During the Year
Employee - 5184
Employer - 1584
Closing Balance
Employee - 20465
Employer - 6829
I would like to know how it is calculated and what formulas are used for the same.
Awaiting seniors to help me.
Regards,
Sapna
From India, Bangalore
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5I need clarification on PF details.
As per our salary slip, we are maintaining PF details. In that, the contributions of both the employee and the employer are deducted from our salary. With the help of the salary slip, everyone has maintained the records of PF. The deductions of both the employer and employee have been added and arrived at one figure for the financial year, i.e., March to March. This is how we have maintained our records. Now, we have received our PF slip from the department, and it's confusing.
PF details enclosed:
Below are the details of PF received from the department for the years 2007-2008, 2008-2009, and 2009-2010:
For the year 2007-2008
Opening Balance - Both Employee & Employer & Interest
Employee - 2729 + 412
Employer - 1280 + 164
Contribution During the Year
Employee - 4752
Employer - 1456
Closing Balance
Employee - 7893
Employer - 2900
For the year 2008-2009
Opening Balance - Both Employee & Employer & Interest
Employee - 7893 + 869
Employer - 2900 + 307
Contribution During the Year
Employee - 5136
Employer - 1570
Closing Balance
Employee - 19898
Employer - 4777
For the year 2009-2010
Opening Balance - Both Employee & Employer & Interest
Employee - 13898 + 1383
Employer - 4777 + 468
Contribution During the Year
Employee - 5184
Employer - 1584
Closing Balance
Employee - 20465
Employer - 6829
I would like to know how it is calculated and what formulas are used for the same.
Awaiting seniors to help me.
Regards,
Sapna
From India, Bangalore
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Dear Sapna,
The employee's contribution in your case is 12%, which will go to your Provident Fund account. The employer's contribution to PF is 3.67%, and the balance of 8.33% goes to the Pension fund. Any employer contributions exceeding Rs. 6500 will be accounted for in the PF account, but in your case, it is not required. Therefore, the PF contribution is 15.67%, and the Pension contribution is 8.33%.
For PF and Pension, interest is paid by the PF authorities on a day-to-day basis and accounted for in your respective accounts. I hope your doubts have been cleared.
Regards,
R. Palaniswamy
From India, Coimbatore
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The employee's contribution in your case is 12%, which will go to your Provident Fund account. The employer's contribution to PF is 3.67%, and the balance of 8.33% goes to the Pension fund. Any employer contributions exceeding Rs. 6500 will be accounted for in the PF account, but in your case, it is not required. Therefore, the PF contribution is 15.67%, and the Pension contribution is 8.33%.
For PF and Pension, interest is paid by the PF authorities on a day-to-day basis and accounted for in your respective accounts. I hope your doubts have been cleared.
Regards,
R. Palaniswamy
From India, Coimbatore
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