MY GROSS SALARY IS 18940/- CTC IS 18940+1440(employer side pf)=20380/- at the time of IT computing what will be total pf deduction from ctc. whether 12% or 24%. please reply
From India, Jamnagar
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From India, Jamnagar
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dear only your share that is 12% will be counted for Tax exemption purpose. regards j s malik
From India, Delhi
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174From India, Delhi
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dear employer contribution towards PF is not your income ,so why you will pay tax on it. regards js malik
From India, Delhi
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From India, Delhi
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Dear sir,
Thank you for your valuable response.
My Breakup is Rs. 18940/- per month:
- Basic: Rs. 12000/-
- Special Allowance: Rs. 2100/-
- Project Allowance: Rs. 1200/-
- Conveyance: Rs. 1200/-
- Medical: Rs. 1440/-
- LTA: Rs. 1000/-
Gross Salary: Rs. 18940/-
+ PF contribution by Company: Rs. 1440/-
Total CTC: Rs. 20380/-
Within the given CTC, what is the untaxable PF amount:
2880/- or 1440/-?
Regards,
JS Malik
From India, Jamnagar
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Thank you for your valuable response.
My Breakup is Rs. 18940/- per month:
- Basic: Rs. 12000/-
- Special Allowance: Rs. 2100/-
- Project Allowance: Rs. 1200/-
- Conveyance: Rs. 1200/-
- Medical: Rs. 1440/-
- LTA: Rs. 1000/-
Gross Salary: Rs. 18940/-
+ PF contribution by Company: Rs. 1440/-
Total CTC: Rs. 20380/-
Within the given CTC, what is the untaxable PF amount:
2880/- or 1440/-?
Regards,
JS Malik
From India, Jamnagar
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Pankaj, IT returns are filed on the basis of Gross Salary not CTC and your Gross Salary is Rs 18940/- out of which Rs 1440/- is exempted under Sec 80C of Income Tax. Saurabh
From China, Leizhou
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From China, Leizhou
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Also note that conveyance allowance of upto a maximum of Rs. 9600 p.a. is exempt from Tax. LTA is also exempt from Tax.
From India, Mumbai
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From India, Mumbai
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Dear all,
Please provide complete details regarding PF (employee and employer) contributions and where we can check our PF balance within the department. Additionally, could you inform me about the timeline for receiving a refund if I claim to withdraw the PF amount?
Regards,
Pramod L
From India, Bangalore
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Please provide complete details regarding PF (employee and employer) contributions and where we can check our PF balance within the department. Additionally, could you inform me about the timeline for receiving a refund if I claim to withdraw the PF amount?
Regards,
Pramod L
From India, Bangalore
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[QUOTE=saurabh.shrivastav;801807]Pankaj, IT returns are filed on the basis of Gross Salary, not CTC. Your Gross Salary is Rs. 18940, out of which Rs. 1440 is exempted under Sec 80C of Income Tax. Saurabh
And this Rs. 1440 is your contribution to PF, which is exempted from tax. For the purpose of IT calculation, you don't take into consideration the employer's contribution to PF as salary income. Hope that clarifies. Thanks, Geeta
From Korea, Seoul
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And this Rs. 1440 is your contribution to PF, which is exempted from tax. For the purpose of IT calculation, you don't take into consideration the employer's contribution to PF as salary income. Hope that clarifies. Thanks, Geeta
From Korea, Seoul
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Dear Pramod,
Normally, it takes 60-90 days for the processing of PF claims. As far as I know, the balance can be ascertained from the records maintained by HR, or if you are getting pay slips regularly, you can verify. The PF department issues Form 3A, which is the annual statement of accounts that can also be used to verify the balance.
Regards,
Bhavan
From India, Bangalore
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Normally, it takes 60-90 days for the processing of PF claims. As far as I know, the balance can be ascertained from the records maintained by HR, or if you are getting pay slips regularly, you can verify. The PF department issues Form 3A, which is the annual statement of accounts that can also be used to verify the balance.
Regards,
Bhavan
From India, Bangalore
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Dear All,
Section 6 of the PF Act (other than the establishments declared as sick), contributions of employees are 12% of the basic pay and DA.
Special Allowance is a part of DA that is considered in PF contributions of the employees.
CTC means Cost To Company, which is the total amount expended on the employees, including contributions of the employer for PF, ESIC, and Bonus, etc.
Employers receive benefits on their entire payable contributions for Income Tax.
When computing individual Income Tax, consider only the employee's payable contributions (not the employer's).
Best Regards,
Sunil Wayal
From India, Pune
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Section 6 of the PF Act (other than the establishments declared as sick), contributions of employees are 12% of the basic pay and DA.
Special Allowance is a part of DA that is considered in PF contributions of the employees.
CTC means Cost To Company, which is the total amount expended on the employees, including contributions of the employer for PF, ESIC, and Bonus, etc.
Employers receive benefits on their entire payable contributions for Income Tax.
When computing individual Income Tax, consider only the employee's payable contributions (not the employer's).
Best Regards,
Sunil Wayal
From India, Pune
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Out of 12 % of company contribution, 8.33 % on basic salary or maximum Rs 542/- per month goes to Employees Pension Fund as per PF act, 1952 and Employees Pension Scheme, 1995. Remaining 3.67 % on basic salary goes to PF account. What you are seeing in the PF statement under employer's contribution is 3.67 % only on basic salary. Balance contribution has gone to Employees Pension Fund. The amount contributed towards pension fund is remitted every month in your pension account, which is maintained by Regional Provident Fund Commissioner, Bangalore. The PF statement does not contain pension contribution details since it is maintained by PF’s office, Bangalore rgds Anthony.
From United States, Palo Alto
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From United States, Palo Alto
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