PF Pension Fund Formula Assistance
I perform the following two activities manually for challans, so please let me know what formula should be used for the PF pension fund.
• 8.33% of the basic ≤ 6500 is 541. If ≥ 6500, then 541. What is the correct formula to input in a cell so that when the PF salary is more than 6500, only 541 is taken as 8.33%?
Employer's PF Salary Contribution Limit
The employer's PF salary contribution limit should not be higher than 6500. Therefore, I need a formula to ensure that if the employee's salary is higher than 6500, only 6500 should be considered.
Thank you.
From India, Ahmadabad
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76I perform the following two activities manually for challans, so please let me know what formula should be used for the PF pension fund.
• 8.33% of the basic ≤ 6500 is 541. If ≥ 6500, then 541. What is the correct formula to input in a cell so that when the PF salary is more than 6500, only 541 is taken as 8.33%?
Employer's PF Salary Contribution Limit
The employer's PF salary contribution limit should not be higher than 6500. Therefore, I need a formula to ensure that if the employee's salary is higher than 6500, only 6500 should be considered.
Thank you.
From India, Ahmadabad
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Correct Formula for PF Salary Calculation
What is the correct formula to put in a cell so that when the PF salary is more than 6500, only 8.33% is taken, which amounts to 541 only? The formula will be:
`=IF(basic<=6500, 8.33%*basic, 541)`
Note: In place of 'basic,' you have to put the cell value of the basic salary.
PF Salary Contribution Limit
PF salary contribution from the employer should not exceed the limit of 6500. Therefore, I need a formula that ensures if the employee's salary is higher than 6500, only 6500 is considered. To achieve this, use the following formula in the PF contribution cell:
`=IF(basic<=6500, 12%*basic, 780)`
Hence, the maximum value counted will be 6500 at Rs. 780, regardless of whether the basic salary is higher than 6500. I hope this is clear to you.
From India, Delhi
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What is the correct formula to put in a cell so that when the PF salary is more than 6500, only 8.33% is taken, which amounts to 541 only? The formula will be:
`=IF(basic<=6500, 8.33%*basic, 541)`
Note: In place of 'basic,' you have to put the cell value of the basic salary.
PF Salary Contribution Limit
PF salary contribution from the employer should not exceed the limit of 6500. Therefore, I need a formula that ensures if the employee's salary is higher than 6500, only 6500 is considered. To achieve this, use the following formula in the PF contribution cell:
`=IF(basic<=6500, 12%*basic, 780)`
Hence, the maximum value counted will be 6500 at Rs. 780, regardless of whether the basic salary is higher than 6500. I hope this is clear to you.
From India, Delhi
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I applied your formula with my own modification and found it as I wanted. I have used:
=IF(G6<=6500*8.33%*G6,541)
6500 is for PF salary, 8.33% contribution from the employer's side, rest adjusts to 3.67%.
Clarification on PF Salary Limit
For (B), I wanted to know if the salary for PF is more than 6500, then it takes 6500 only (for the employer's PF salary limit to pay PF contribution 3.67% and 8.33%):
=IF(J36<=6500,J36,6500)
Thank you. By the way, what's the meaning of your name, Antima?
From India, Ahmadabad
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=IF(G6<=6500*8.33%*G6,541)
6500 is for PF salary, 8.33% contribution from the employer's side, rest adjusts to 3.67%.
Clarification on PF Salary Limit
For (B), I wanted to know if the salary for PF is more than 6500, then it takes 6500 only (for the employer's PF salary limit to pay PF contribution 3.67% and 8.33%):
=IF(J36<=6500,J36,6500)
Thank you. By the way, what's the meaning of your name, Antima?
From India, Ahmadabad
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Salary Sheet & PF PT Calculation & Challan.xls