salary slip & vpf
This query is : Resolved
06 September 2010
dear sir,
plz guide me about VPF in below illustration
an employee in my comp. his salary break up is
basic 17807, hra- 9173, tpt- 800 = total-27780
deduction:-
EPF - 780,VPF - 2000
total salary payable = 24995
now query is can I show vpf in salary slip ???
& can employer deposit it ? & what is the contribution % of employer ?
or is this employee investment like PPF u/s
80c & deduction up to 1 lac ???
plz guide me about VPF in below illustration
an employee in my comp. his salary break up is
basic 17807, hra- 9173, tpt- 800 = total-27780
deduction:-
EPF - 780,VPF - 2000
total salary payable = 24995
now query is can I show vpf in salary slip ???
& can employer deposit it ? & what is the contribution % of employer ?
or is this employee investment like PPF u/s
80c & deduction up to 1 lac ???
06 September 2010
There is no need for a separate column for VPF. Both the amount can be included in one head only.
The PF annual return will carry the appropriate bifurcation.
The PF annual return will carry the appropriate bifurcation.
06 September 2010
VPF is to be deposited by employer only....
Its same to the regular PF. The only difference is that the employers are not required to contribute any part of VPF.
Its same to the regular PF. The only difference is that the employers are not required to contribute any part of VPF.
06 September 2010
PPF is a different instrument which is being held be employees in his personal capacity, while the PF or VPF is a contribution to PF through the employer opened PF account.
Of course, the 80 C deduction is available on all in the same manner, be it PF / VPF or PPF.
Of course, the 80 C deduction is available on all in the same manner, be it PF / VPF or PPF.
06 September 2010
The Employers' contribution to the PF to the extent of 12% of the basic salary is not taxable. Employee can voluntarily contribute to a higher amt. The total amt. contributed by the Employee is covered u/s 80C and will be allowed as deduction within the limit of Rs. 1 Lac.
Your employer would give the TDS certificate giving the deduction in respect of HRA u/s 10(13A), if the conditions are satisfied and accordingly u are required to file the IT return based on the cert.
Your employer would give the TDS certificate giving the deduction in respect of HRA u/s 10(13A), if the conditions are satisfied and accordingly u are required to file the IT return based on the cert.
07 September 2010
thanx ,
every body
every body
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