Please share a payroll structure and salary calculation for the latest 2019. How to calculate PF, ESIC, and PT. The structure I need to learn more about and complete payroll structure and statutory details which will help boost my career.
Thanks in advance.
From India, Bangalore
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Thanks in advance.
From India, Bangalore
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Payroll Calculation and Structure for 2019 in Bangalore, India
To calculate the payroll for 2019 in Bangalore, India, you need to consider various components such as Basic Salary, House Rent Allowance (HRA), Provident Fund (PF), Employee State Insurance Corporation (ESIC), and Professional Tax (PT). Here's a breakdown of how to calculate these components:
1. Basic Salary Calculation:
- The basic salary is usually a fixed amount agreed upon by the employer and employee.
2. House Rent Allowance (HRA):
- HRA is calculated as a percentage of the basic salary and varies based on the city of residence. In Bangalore, it is typically around 40-50% of the basic salary.
3. Provident Fund (PF) Calculation:
- The PF contribution is calculated as 12% of the basic salary from both the employer and the employee. The maximum limit for PF deduction is Rs. 15,000 per month.
4. Employee State Insurance Corporation (ESIC):
- ESIC is applicable for employees earning up to Rs. 21,000 per month. The contribution is 1.75% of the gross salary from the employee and 4.75% from the employer.
5. Professional Tax (PT):
- PT is a state-level tax deducted by the employer based on the employee's gross salary. In Bangalore, the PT slab rates range from Rs. 200 to Rs. 2000 per month based on the salary bracket.
It's essential to ensure compliance with the relevant labor laws and regulations while calculating and structuring the payroll for 2019. For detailed statutory details and specific calculations, refer to the Income Tax Act, 1961, the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, the Employees' State Insurance Act, 1948, and the respective state Professional Tax rules.
By understanding and implementing these payroll components accurately, you can effectively manage the salary structure and statutory deductions, enhancing your career growth in the HR domain.
From India, Gurugram
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44To calculate the payroll for 2019 in Bangalore, India, you need to consider various components such as Basic Salary, House Rent Allowance (HRA), Provident Fund (PF), Employee State Insurance Corporation (ESIC), and Professional Tax (PT). Here's a breakdown of how to calculate these components:
1. Basic Salary Calculation:
- The basic salary is usually a fixed amount agreed upon by the employer and employee.
2. House Rent Allowance (HRA):
- HRA is calculated as a percentage of the basic salary and varies based on the city of residence. In Bangalore, it is typically around 40-50% of the basic salary.
3. Provident Fund (PF) Calculation:
- The PF contribution is calculated as 12% of the basic salary from both the employer and the employee. The maximum limit for PF deduction is Rs. 15,000 per month.
4. Employee State Insurance Corporation (ESIC):
- ESIC is applicable for employees earning up to Rs. 21,000 per month. The contribution is 1.75% of the gross salary from the employee and 4.75% from the employer.
5. Professional Tax (PT):
- PT is a state-level tax deducted by the employer based on the employee's gross salary. In Bangalore, the PT slab rates range from Rs. 200 to Rs. 2000 per month based on the salary bracket.
It's essential to ensure compliance with the relevant labor laws and regulations while calculating and structuring the payroll for 2019. For detailed statutory details and specific calculations, refer to the Income Tax Act, 1961, the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, the Employees' State Insurance Act, 1948, and the respective state Professional Tax rules.
By understanding and implementing these payroll components accurately, you can effectively manage the salary structure and statutory deductions, enhancing your career growth in the HR domain.
From India, Gurugram
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SALARY SHEET CALCULATION.xls
Salary calculation.doc