CAN ANY BODY ASK ME CLASSIFICATION OF P.F RS 930 /- DEDUCTION FORM MY SALARY AS

CAN ANY BODY ASK ME CLASSIFICATION OF P.F
RS 930 /- DEDUCTION FORM MY SALARY AS A P.F SO HOW MANY RS
CREDITED IN MY ACCOUNT ( GIVE IN DETAIL )

Question Posted / rakeshpatel

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CAN ANY BODY ASK ME CLASSIFICATION OF P.F RS 930 /- DEDUCTION FORM MY SALARY AS A P.F SO HOW MANY R..

Answer / raghunath

As per PF rules, It will be deducted @12% on Earning of
Basic salary.

with reference the above question Rs.930/- has been
deducted in your salary. that means your Earning of basic
Salary should be Rs.7750/- (Rs.7750@12%= Rs.930/- PF)

Provident Fund (PF) classified in two types.
i) Employees Contribution :- It will be deducted on
Employees earning of basic salary and same amount is
deposited in Employees PF account.

ii)Employers Contribution:- Employer will contribute the
PF amount for his employees. which amount equal to
Employees contribution(12% on earning of Basic Salary)

So, Total credit of your PF account should as given below

i) Employees Contribution
(PF - deduction on your salary) Rs. 930.00
ii) Employers Contribution Rs. 930.00
----------
Total Rs.1860.00
==========

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CAN ANY BODY ASK ME CLASSIFICATION OF P.F RS 930 /- DEDUCTION FORM MY SALARY AS A P.F SO HOW MANY R..

Answer / dj

Pf will be deducted @ 12% on your basic salary every month .

for Ex if your salary is 20000/-(assume that your basic
salary = 10000, hra =6000, other allowance = 4000/-)

on basic salary 10000/- your PF will be deducted 1200/-
@12& and same is going to deposit in your PF account with
Govt along with company contribution of same amount (i.e
1200/- yours and 1200/- company's) totall 2400/- would be
your monthly saving with PF account.

at the time of resign or retirment you will get the total
amount of savings. if your services are 10 yrs more you can
get the pension (out of 12% 8.33 will go to pension account
and 3.27% will go to pF account from companies
contribution).

if you wihdraw your PF amount within 5 years of your
service you will get total amount of PF after deducting the
TDS as per the ACT.