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Can PF rate below 12%, if an employee want the deduction at
lower rate ?
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Answer / mahesh
For Employees
For New Entrants:
Enrolment: An employee is eligible for membership from the
day he joins the covered establishment.
If the employee’s emoluments exceed Rs. 6,500/- per month,
he has the option to join the Scheme(s) with the consent
of employer.
Declare previous employment details, if any, in Form No.
11 to the employer.
On becoming a member of the Schemes file details in Form
No. 2 ( family particulars/ nominations) through the
employer.
Rate of contribution payable by a member shall be @ 12% of
his emoluments.
A member can contribute statutarily over and above the
prescribed rate.
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Answer / dhokchaule kishor
employee can not reduce PF contribution rate below 12% he
can only reduce the rate i.e. over 12%
Regards,
Kishor Dhokchaule
Finance Executive
Prabhat Group of Industries,
Nirmalnagar- 413720
+919822508968
Kishordhokchaule@gmail.com
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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