1. **PF Contribution Deducted from Salary:** - **Debit:** Provident Fund Contribution (Personal Account) - **Credit:** Bank (for the amount deducted from the salary)2. **Tracking in Personal Financial Statement:** - **Receivable Amount:** You would typically list the total amount of...
The Employee Provident Fund Organization (EPFO) has come up with a fresh idea: more money should be deducted from your salary for Provident Fund (PF).They have announced this via a circular dated 30 November, 2012. Read on to get the full details, and how it impacts you. Provident …[R...
In your scenario you have to deduct pf of the rejoined employee on basic salary. i.e., ex: basic 15100, so 15000(cut-off) x 12% =1800(have to be deducted). hope this helps. Kindly let me know if any mistakes. @ eera Sharif...
FAQs on Vakilsearch PF Interest Calculator How is EPF deducted from pay? To contribute to your EPF, you as well as your employer must send 10% or 12% of your base pay. Female employees, on the other hand, are only required to contribute 8% of their base pay for the first 3 years....
From November 2022 company has been closed and they have not given me service etc. From Aug 2019 to Oct 2022 ie 42 months, they deducted PF contribution from my salary but not submitted the same amount in PF office. After 4 months they paid to some worker gratuity along with 42 months ...
Provident fund is the right of every employee in our country. Provident fund is sourced by the employer and is often deducted from the salary of the employee. When an employee leaves a company to join another company, the employee is supposed to withdraw the provident fund. Or the employee ...
#3. Employee Deposit Linked Insurance SchemeThis scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium. #4. Long-term goalsThere are many long-term goals such as Marriage or higher education that require the urgent availabi...
(EPFO). It is covered under the Employees’ Provident Fund Act, 1952. An employee receiving a basic salary of Rs.6500 must contribute to EPF. As an EPF, 12% of the basic pay of an employee is deducted from the salary on a monthly basis as a contribution for an EPF account. The ...
Revised EPF Form 3A to be submitted for salary more than 15,000 EPF Claim rejected due toDOJ/DOL Reasons This error might have occurred because your employer might have entered your wrong date of joining or the date of leaving. As a result, if your return is not filed for a particular ...
Provident Fund Payment Due Date The Provident Fund (PF) payment due date refers to the deadline by which employers must deposit contributions deducted from employees' salaries. The standard due date for monthly PF contributions is on or before the 15th of the next month. EPF Payment Due Date ...