PF Calculation
This query is : Resolved
10 September 2010
I wish to understand which allownaces can consider for PF calculation other than Basic & DA
10 September 2010
No, Only Basic and DA can be considered for PF calculation
10 September 2010
Only Basic & DA is considered for PF.
10 September 2010
Contributions
The contribution envisaged under sec 6 read with notification dated 9th April 1997 and
para 29 of the EPF Scheme, specifies that the rate of contribution under the E.P.F. Act as
12%. The employer has to deposit 12% of the basic wages, dearness allowance and
retaining allowance (if any), on his part and an equivalent amount on behalf of the
employee, which is to be recovered from the employee’ salary (para 32 of EPF Scheme).
• For this section ‘dearness allowance’ shall be deemed to include the cash value of any
food concession allowed to the employee. The ‘retaining allowance’ means an allowance
payable for the time being to an employee for retaining his services, when the
establishment is not working.
The contribution envisaged under sec 6 read with notification dated 9th April 1997 and
para 29 of the EPF Scheme, specifies that the rate of contribution under the E.P.F. Act as
12%. The employer has to deposit 12% of the basic wages, dearness allowance and
retaining allowance (if any), on his part and an equivalent amount on behalf of the
employee, which is to be recovered from the employee’ salary (para 32 of EPF Scheme).
• For this section ‘dearness allowance’ shall be deemed to include the cash value of any
food concession allowed to the employee. The ‘retaining allowance’ means an allowance
payable for the time being to an employee for retaining his services, when the
establishment is not working.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
