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How to calculate pf, esi, vat, sales tax etc.,
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Answer Posted / bhargavi
Employee state insurance is an important measure of social
security and health insurance in this country.It provides
certain cash and medical benefits to industrial employees
in case of sickness,maternity and employement injury.
The contribution payable in respect of employees shall
comprises of both employer & employees contribution at a
specified rate.the rate are reviesd at time to time
bases.Currently employees contribution is 1.75% & employers
is 4.75% from the total earnings.The employer shall pay
these above specified rate of contribution to the
corporation within 21 days of the last day of every
calender month.The rate of contribution should be filled in
challans and submit to the corporation.It has also
designated branches of state bank of india and some other
bank to collect the payment on its behalf.
Note:ESi is deducted whose gross salary is less or equal to
15000,
Provident fund.
Pf Benefits will start from the date of joining wheather
the employeees is hired in a capacity of
trainee,probationer,Contract(But if the contactor is
deducting pf the company doesnt have to deduct.
The rate of contribution is 12% of both employee & employer
share from basic+DA.
Employee share is 12%
Employer share is 3.67%9which goes to the pf account)
Employer share is 8.33%(Pension fund.Which can be drawn
only after retirement)
Apart from these the employer has to contribute admin charge
EDLI Charge=0.5%(BAsic+DA)
EPF=0.1%(BAsic+DA)
DLI=1.1%(BAsic+DA)
This contribution has to be submitted to PF office through
challans by 15th of next month(Pf cotribution made in 15-
Aug-2010 shold be remitted to pf office on 15-Aug-2010.+
grace of 5 days - maximum of 20days is given).The
contribution in challans is as follows.
Account 1=12%(employee) & 3.67%(employer)
Account 10=8.33%(Pension Fund)
Account 20=1.1%(DLI Charge)
Account 21=0.1%(EPF)
Account 22=0.5%(Admin)
Hope it would be of some use.
Thanks & Regards
Bhargavi
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