It is given in addition to the basic salary and is paid to motivate the employees under the Payment of Bonus Act 1965. The bonus amount is expressed as a percentage of the basic pay, depending on the company’s policies. Employee Provident Fund (EPF or PF) A provident fund is a ...
RazorpayX Payroll automates salary calculations and timely disbursals after necessary deductions like PT, PF, TDS, etc. It eliminates manual intervention and the risk of clerical errors while executing payroll. The software combats compliance pain by automating payments of PF, PT, ESI & TDS, and...
TheCalculation of gratuity in Indiaformula is based on salary and number of years of service. For salaried employees, the law states that one should get a gratuity equal to 15 days of monthly salary for every completed year of service. The formula to get the amount is –Salary * Tenure *...
Want to know about special allowances and how to calculate special allowance in salary? Learn all about what is special allowance in this article.
A deduction from the salary will be made for each month in the form of PF contribution for Rs. 2000 and Professional Tax for Rs. 200. The annual HRA amount received from employer is Rs. 13,000 x 12 = Rs. 1,56,000 Actual rent paid will be less than 10% of the basic salary = ...
solely forPFpurposes,andPF fundingcalculationfornew staff would be raised from 5% to 6.8% of the mid-point salary legco.gov.hk legco.gov.hk 為現職 員工 和新員工 提供 的公積金供款資助,會存 放在獨 立的專 用 帳戶,不會轉作 其他用途;計算新員工公積金供款資助所採 用的供 款 比率,會由中點...
this phase depends on how you do the calculation part. If you are someone who works with a system, then the data collected in the pre-payroll phase is now fed into the payroll system to calculate every employee's paycheck. The outcome of this process will be the actual salary of each ...
IndiaIncome Tax computationspayroll function (INTAX) processes tax on the income earned by the employee. Gross Salarywage type (/416) =Ann Reg Incomewage type (/410) +Ann Irr Incomewage type (/411) +Annual Perkwage type (/413) +Prev Gross salarywage type (/4V1) +Val of perk u/s ...
Employer Provident Fund Contribution: 12% of the basic salary of an employee goes towards their PF account directly from the employer. Superannuation: A pre-defined amount is donated to an account; the employee withdraws at the time of their retirement. How to calculate Gross and Net Salary?
Examples: Male employee below 60 years of age with salary and contribution to GPF. Source :Circular No.08/2010 dated 13.12.2010atTaxGuru:TDS on Salary – Rate & Provisions A.Y. 2012-13 Woman below age of 60 years with no tax savings investments ...