Rohit jain
(Chartered Accountant / Company Secretary)
(221 Points)
Replied 11 November 2018
ASHISH
(ARTICLE)
(22 Points)
Replied 17 April 2019
one company is showing full 12% part of employer contribution as its liability. However, its should be reduced since 8.33% is borne by GOI. what should be the entry if company has already shown 12% as its Liability in its Books.
Please reply ASAP.
suman
(accounts)
(25 Points)
Replied 18 August 2019
Harsha Hegde
(4 Points)
Replied 04 April 2020
Dear member, how to calculate late payment penalty for pmrpy.gov.in payment?
CA Gaurav Sonar
(CA )
(30 Points)
Replied 10 June 2020
Hello every one let me tell you what we are doing regarding this issue
main objective of this scheme is to encourage the employer to hire more employee to avail benefit of this scheme and generate employment for new unskilled and semi skilled workers.
under employer contribution to the provident fund consist of 2 factor EPF (employee provident fund ) and EPS (employee pension scheme)
Employer are required to contribute 3.67% in EPF and 8.33% in EPS (same as employee contribution which is 12%)
this percentage are based on basic salary of month and does not include other allowance
so under This PMRPY scheme central Government will contribute the 8.33 % share of EPS of the employer hench eligible employer now required to pay only 3.67% to the Provident fund
in this scenario we are not receiving any direct benefit from government the share of contribution directly credited in the Employee PF account after employer make payment of 3.67% before 10th of the succeeding month
so we pass the entry
EPF Employer Contribution Account DR ______
To PMRPY Income Account _________
by this entry PMRPY benefit get set off with the employer contribution
hope this information found useful for you
Govind maheshwari
( ARTICLESHIP)
(2 Points)
Replied 25 July 2020
RESPECTED SIR,
I WANT TO ASK QUERY REGARDING PMPRY SCHEME.
AS PER PF ACT, GOVT. WILL CONTRIBUTE 8.33% SHARE OF EPS OF THE EMPLOYER AND REMAINING 3.67% WILL BE PAID BY EMPLOYER. BUT IN MY CASE THAT 3.67% WAS ALSO PAID BY GOVT.
THAN WHAT WIL BE THE TREATMENT AND SALARY WILL BE CALCULATE IN THAT CASE.
Bhupendra
(Student)
(22 Points)
Replied 02 April 2022
What is the treatment of employee share in PMRPY??
Sukhavana Vidhya.V
(ACCOUNTS MANAGER)
(31 Points)
Replied 04 October 2022
To account the GOVERNMENT GRANTS under PF ABRY SCHEME towards Government undertaking to pay the EMPLOYEE CONTRIBUTION and EMPLOYER CONTRIBUTION for NEW EMPLOYEES
What are the accounting entries to be passed in books of accounts ?
Please guide whether shown below is correct ?
EMPLOYEE CONTRIBUTIN Dr. Rs.1,800
EMPLOYER CONTRIBUTION 8.33% Dr. Rs.1249
EMPLOYER CONTRIBUTION 3.67% Dr. Rs. 551
TO PF ABRY INCOME - GOVERNMENT GRANTS .. 3,600
(TREATING the GOVERNMENT GRANTS as OTHER INCOME)
If the above entry is wrong, what is the correct entry to pass every month
whether to treat it as INCOME or as CURRENT ASSET ?(with examples of full accounting)
- V. Sukhavana Vidhya
Email : sukhavanavidhya.v @ gmail.com
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