Dear All, Can anyone tell me about PF deduction if basic is above 15000 then it is necessary to do pf deduction or not ? is it exempted ?
From India, Pune
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From India, Pune
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Deducting 12% on $15,000 is sufficient if the basic is >= $15,000.
If you have employees whose basic salary is < $15,000, you should follow the above-said.
If all of your employees or most of your employees have a basic salary > $15,000, there is an option to not opt for PF deduction. You can collect and keep a record of the consent, which can be produced during inspection.
It is strongly recommended to go with the first line.
From India, Chennai
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22If you have employees whose basic salary is < $15,000, you should follow the above-said.
If all of your employees or most of your employees have a basic salary > $15,000, there is an option to not opt for PF deduction. You can collect and keep a record of the consent, which can be produced during inspection.
It is strongly recommended to go with the first line.
From India, Chennai
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Hi,
"PF deduction if basic is above 15000 then it is necessary to do PF deduction or not: If the employee is already a contributing member to PF, then PF should be deducted even though Basic is above 15000/- but PF can be limited to Rs. 15,000/-. However, if the member is already not a contributing member to PF, then there is no need for PF deduction. But collect EPF Form 11 duly signed by the employee."
From India, Madras
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"PF deduction if basic is above 15000 then it is necessary to do PF deduction or not: If the employee is already a contributing member to PF, then PF should be deducted even though Basic is above 15000/- but PF can be limited to Rs. 15,000/-. However, if the member is already not a contributing member to PF, then there is no need for PF deduction. But collect EPF Form 11 duly signed by the employee."
From India, Madras
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SALARY with out PF Deduction.xls
Basic 4 pf.pdf