Hi All, We are a small startup with 3 employees. We don't have a dedicated HR and we end up doing many things on our own. We are revising the pay of our employees to 2.88 LPA. What are the deduction components in the Payslip? We understand we should deduct Professional tax ( TN ) which is Rs.200 pm. We don't have PF as we are too small. Is this amount taxable and what component does it fall under
Please advise the salary slip format for this. Waiting for your kind help in this regard.
Thanks in advance.
Regards,
Swarna
From India, Coimbatore
Please advise the salary slip format for this. Waiting for your kind help in this regard.
Thanks in advance.
Regards,
Swarna
From India, Coimbatore
Hi Swarna,
As per your request, there is an deduction of EPF, ESI, PT, is there for monthly basis foese you have to register the EPF(PF Regional office), ESI (Regional office)and PT(Coimbatore) corporation, then only you will deduct from employees and pay to concern dept.
The deduct are exempted from Income Tax under sec10.
Regards,
Prakash G
9003009639
From India, Chennai
1As per your request, there is an deduction of EPF, ESI, PT, is there for monthly basis foese you have to register the EPF(PF Regional office), ESI (Regional office)and PT(Coimbatore) corporation, then only you will deduct from employees and pay to concern dept.
The deduct are exempted from Income Tax under sec10.
Regards,
Prakash G
9003009639
From India, Chennai
Hi Swarna
EPF is applicable only if you have 20 and more headcount including contractual workmen & ESI is 10 & above.
Yes PT need to be deducted & remitted to the local municipal authorities & its not Rs. 200. In TN there are 5 slabs & paid on half yearly basis ie. March & Sep & for than u need registration too.
If the salary is around 2.88 PA then IT is not applicable as its lesser than the limit
From India, Bangalore
EPF is applicable only if you have 20 and more headcount including contractual workmen & ESI is 10 & above.
Yes PT need to be deducted & remitted to the local municipal authorities & its not Rs. 200. In TN there are 5 slabs & paid on half yearly basis ie. March & Sep & for than u need registration too.
If the salary is around 2.88 PA then IT is not applicable as its lesser than the limit
From India, Bangalore
Hi Sir, Thank you very much for the clarity provided. We will go ahead and design our salary structure as suggested. Regards Swarna
From India, Coimbatore
From India, Coimbatore
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