09 September 2009
can any member tell me about 1)the treatment of PF & ESI in Income Tax computation of a partnership firm? 2) the due date of deposit of PF & ESI and its rate? 3) consequence of delay in Payment of the same? 4) the ESI & PF of Year 2007-08 is deposited in 2008-09, will it have any effect on the financial statement of 2008-09 of the partnership firm? 5) do we require segreggation of employers and employees contribution to PF in preparing financial statement of a partnership firm?
15 September 2009
ESIC & PF tax liabilities are always on both Employees as well as Employers. so naturally you have to maintain two seperate accounts viz : 1) Employees Contribution (PF) 2) Employees Contribution (ESIC) under the Head Current Liability
3) Employers Contribution (PF) 4) Employers Contribution (ESIC) Under the Head - Expenses
The rate of ESIC is 1.75% on employess Gross Salary is to be deducted from concern Employee and along with it 4.75% employers share to be paid. PF ( employee share) is 12% to be deducted from salary & alongwith it 13.63% employers share to be paid.
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