Pf Calculation - Pf Deductions [Thread 131242]

Hi, I have a query regarding the deduction of PF. How will the calculation for a/c. no. 2, 21, and 22 be done if Mr. X's basic is Rs. 17,500? Should it be based on Rs. 17,500 or Rs. 6,500? Please suggest.

Regards, Rajesh

Name of Employee: Mr. X

A Basic (A) - 17500

B Ceiling of Basic (B) - 6500

C EPF 12% (C) - nbsp

If someone's basic is above Rs. 6500/-, for example, Rs. 7200/-, the employer contribution for Pension Account No. 10 will be 8.33%. For him, 8.33% will be Rs. 600/-. Out of that, Rs. 541/- will be deposited in Account No. 10, and the remaining Rs. 51/- has to be added to Account No. 1.

If someone is earning above Rs. 6500/-, let's say Rs. 7200/-, then the employer's contribution to the pension account will be 8.33%. For Rs. 7200/-, 8.33% will be Rs. 600/-. Out of this, only Rs. 541/- will be deposited into Account No. 10, as 8.33% of Rs. 6500/- is Rs. 541/-. The remaining amount will be deposited into Account No. 1.

Hi,

Please let me know the following:

1. What is the maximum basic component/amount for a director in a private limited IT company?
2. How should that amount be allocated for employer contribution and EPS?

Regards,
Surendra

Hi, can anybody tell me if the breakup of the salary into different components like travel allowance, special allowance, etc., makes any difference technically? I mean to say that if the salary of an employee is 20,000 and it is divided into two parts - one is basic 13k and another HRA 7k, will there be any difference in the tax liability or other salary-related technical points.

It would be of great help if somebody could clarify my doubt.

Regards, Raj

Dear All,

My wife Rimpu Shrivastava had been working with R.P. Buildwell Pvt. Ltd. I feel very unhappy to inform you that my wife has passed away due to a heart attack while in service.
Let me help in getting information on the following:

1) Whether her nominee is entitled to the monthly pension scheme. If yes, how much monthly pension is paid to her nominee.

2) Whether her nominee is entitled to the Employee Deposit Linked Insurance Scheme. If yes, how much amount is paid to her nominee.

3) Whether her nominee is entitled to the capital return of the pension. If yes, how much amount is paid to her nominee.

4) How much EPF amount is paid to her nominee.

The details of the member are given below:

Name: Rimpu Shrivastava
Date of Birth: 28-02-1985
Date of Appointment: 01-04-2007
Date of Death: 28-04-2008
Date of service till death: 30-04-2008
Basic Salary: 3470 per month
Pension wage: 3470
Monthly PF deposit: 416+416 = 832

Your cooperation is highly appreciated by me.

Thanks & warm regards,

Raju Shrivastava
09990152624

Regards

Dear Mr. Raju,

It is very shocking, and no one can compensate for the actual loss. Anyhow, for your query, I am giving my reply according to my knowledge.

1. The nominee is entitled to claim the PF contribution along with the pension claim.
2. The amount of pension will be calculated by the pension department of the RPFC office.
3. Yes, the Employee De-linked Insurance amount, either at the cap level of 62000/- or according to the contribution, whichever is higher, can be claimed by the nominee.

Thanks,
R Shanti
Name: Rimpu Shrivastava
Date of Birth: 28-02-1985
Date of Appointment: 01-04-2007
Date of Death: 28-04-2008
Date of living service: 30-04-2008
Basic Salary: 3470 per month
Pension wage: 3470
Monthly PF deposit: 416+416 = 832

Your cooperation is highly obliged by me.

Thanks & warm regards,
Raju Shrivastava
09990152624

Regards

Since she has not completed her service for 10 years, she won't be eligible for a pension. However, you can claim the provident fund and pension amount from the PF Office.

Please let me know if you need further assistance.

By oversight, this month we have paid an excess amount of PF contributions to the department, both of the employee and employer. Can anyone tell me the process with the PF department to get back the excess amount paid.

Thanks,
Geetanjali

Dear Geetanjali,

Don't worry. Make the payment for the next month with the deduction of excess contribution.

With best wishes,
R. Shanti