I have some questions, those are-
1. what is the contribution in labour Welfare Fund from employer & employee? When , where & how contribution have to be submitted?
2. what are the slabs of Professional Tax?
3 what is total contribution of Employer in PF?
4. exact formula of Gratuity.
From India, Mumbai
21. what is the contribution in labour Welfare Fund from employer & employee? When , where & how contribution have to be submitted?
2. what are the slabs of Professional Tax?
3 what is total contribution of Employer in PF?
4. exact formula of Gratuity.
From India, Mumbai
Dear Mr. Nitin,
Goodmorning
for your query i can answer for 2 only
1. The percentage of employer contribution of pf is 12% of the basic ceiling wages @Rs.6500/-p.m.
2. For gratuity calculation the formula is
Basic/26*15*no of years served.
With best wishes,
R Shanti
From India, Mumbai
Goodmorning
for your query i can answer for 2 only
1. The percentage of employer contribution of pf is 12% of the basic ceiling wages @Rs.6500/-p.m.
2. For gratuity calculation the formula is
Basic/26*15*no of years served.
With best wishes,
R Shanti
From India, Mumbai
Hi................
P.tax Slabs,
0 to 5000------------0/-
5001 to 6000---------60/-
6001 to 10000--------80/-
10001 to 15000-------100/-
15001 to 20000-------150/-
Above 20001---------200/-
Regards.
janardhan
From India, Hyderabad
P.tax Slabs,
0 to 5000------------0/-
5001 to 6000---------60/-
6001 to 10000--------80/-
10001 to 15000-------100/-
15001 to 20000-------150/-
Above 20001---------200/-
Regards.
janardhan
From India, Hyderabad
Labour Welfare Fund and Profession Tax are state subjects and therefore, they may vary from state to state. In the case of Labour Welfare fund, there are a lot of welfare fund and the rates applicable to each fund depending upon the industry will change.
For calculation of EPF contribution not only basic salary but dearness allowance is also to be taken into account.
Similarly, gratuity is also calculated on the last drawn salary which should include dearness allowance paid.
No amount should be deducted from the salary payable to an employee towards gratuity since it is a payment solely by the employer.
Regards,
Madhu.T.K
From India, Kannur
For calculation of EPF contribution not only basic salary but dearness allowance is also to be taken into account.
Similarly, gratuity is also calculated on the last drawn salary which should include dearness allowance paid.
No amount should be deducted from the salary payable to an employee towards gratuity since it is a payment solely by the employer.
Regards,
Madhu.T.K
From India, Kannur
Dear Mr. Nitin hello employees contribution is 12 % in p.f. of basic salary rs. 6500/- last Basic of employee/26*15*no of years served. formula for gratuity thanks rds Dinesh
From India, Gurgaon
From India, Gurgaon
Dear Mr Nitin,
As per your mail request PT slabs differs state by state,where as PF 12% on basic 6500 after this PF is optional and Gratuty existing BASIC at the time of leaving (basic/26*15*no of years),ESI Employer 4.75 Employee 1.75.
RAGHU
From India, Bhopal
As per your mail request PT slabs differs state by state,where as PF 12% on basic 6500 after this PF is optional and Gratuty existing BASIC at the time of leaving (basic/26*15*no of years),ESI Employer 4.75 Employee 1.75.
RAGHU
From India, Bhopal
Dear sir, I want to know that whats benefit is to be taken by LWF as a employee.If every month lwf in deduct from my salary can it be return?
From India, Noida
From India, Noida
Dear All, I want to know- 1. what is the benefit of Professional tax. 2. Is professional tax is applicable where is LWF.
From India, Delhi
From India, Delhi
Profession Tax and labour welfare fund are two different things. The former one is a tax on income/ revenue which an employee or professional should pay to the local administration ( Panchayat/ Municipality/ Corporation) and being a tax we can not expect any direct benefit out of it besides the development activities that the local administration does for the area and the direct deduction of the amount of profession tax paid from the income of the employee/ professional while computing his income tax, whereas welfare fund is a contribution towards a fund for the benefit of workers contributing to it. Since the contribution is a small amount, the benefits will also be limited. Still there are schemes for scholarship to children of the members, medical aid and also in some funds like that of Kerala Shops and Commercial Establishment Workers Welfare Fund, payment of pension, payment of maternity benefits etc are also envisaged.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls