Gross & CTC terms in salary
This query is : Resolved
22 July 2010
hello,
1)Is this equation wrt to Salary correct?
CTC - Employer's PF contribution - Employer's ESIC contribution
= GROSS SALARY - CTC - Employees PF & ESIC - Prof. Tax - TDS = NET SALARY (paid monthy)
2)Is employer's contribution twds PF & ESIC included in CTC?
3)Entire EPF ie 25.61% & ESIC of 6.5% deducted is deposited into treasury or a part is retained by pvt. ltd co. twds admin charge?
thanks
kirti.
1)Is this equation wrt to Salary correct?
CTC - Employer's PF contribution - Employer's ESIC contribution
= GROSS SALARY - CTC - Employees PF & ESIC - Prof. Tax - TDS = NET SALARY (paid monthy)
2)Is employer's contribution twds PF & ESIC included in CTC?
3)Entire EPF ie 25.61% & ESIC of 6.5% deducted is deposited into treasury or a part is retained by pvt. ltd co. twds admin charge?
thanks
kirti.
22 July 2010
1.CTC- cost for apoitment - other costs = gross salary - esi pf and other = net salary.
2. yes
3. no
2. yes
3. no
22 July 2010
hi
can you be clear wrt ans to pt. 3? what % of PF & ESIC deducted by the company is retained and how much is deposited into treasury
thnx
can you be clear wrt ans to pt. 3? what % of PF & ESIC deducted by the company is retained and how much is deposited into treasury
thnx
23 July 2010
What ever deducted whether PF,ESI or admin charges need to pay to Govt A/c. employer no rights to keep, ( Out of 25.61% admin charges included and same shall be deposited)
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24 July 2010
full value employer paid to govt. they cant retain this amount
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