I have been working in a Pvt Ltd company, one of my key deliverable is to take induction training programme for the

new incumbment, relatedly trainees are asking me about the pension calculation & how much they would enjoy in future to the contribution that we normally remit in Regional PF office (Employer PF 3.67 % + Pension 8.33 % ) I don't know at what age your retirement will take place. For details please see the web site : Attribution: http://www.citehr.com/52444-pension-calculationretirement.html#ixzz27lX6RXZX Dear Friends, One of employee whose age was 42 yrs died due to prolong illness. He served 2 yrs 8 months in our company. His basic salary was Rs. 6900/-. While calulating the amount of widow pension is the following formula is ok ? Rs.6500X number of years served, devided by 70. My question is while calculating numbers of years should we take 2.8 yrs or add 16 more years ( retirement age 58 yrs). Will it be 6500X 18.8, devided by 70. Attribution: http://www.citehr.com/16574-calculation-widow-pension-deathcase.html#ixzz27lXdDw1w Dear Vikram, In case of death in service after minimum one month's contribution, Widow's pension will be minimum 450/- , In case last drawn salary is 6500 -widow's pension will be Rs.2051/Also the member's dependent children will be eligible for pension that will be added to above... Avinash Desai Attribution: http://www.citehr.com/16574-calculation-widow-pension-deathcase.html#ixzz27lXhFALc

There is no upper limit for Eps-95 pension. For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years. For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given. For details please see the web site : http://www.epfindia.com/EPS95.Updated.htm One example I shall quote. Date of Birth - 2.1.1961 Date of join - 23.2.1987 Salary on 16.11.95 - Rs. 2500 & above Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling) Past Service - 8 yr 9 m (approx) rounded to 9 years Compensation - Rs. 85 Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102 (This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals) Past Service Benefit - 85 x 6.102 = Rs. 519 - (A) Pensionable Service - 23 years Bonus (Service is 20 & above) - 2 Pensionable Salary - Rs. 6500 Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B) Total Pension - (A) + (B) = Rs. 2840 I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in

service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information. Attribution: http://www.citehr.com/74122-pension-calculator-under-epfscheme.html#ixzz27lXpd1qg ear All, Can you please tell me the correct formula to calculate employee's pension (EPS 1995)? Data for calculation is given below. Date of joining the scheme: 01.05.1991 Date of leaving the service: 30.04.2011 No Break in service PF salary for the last 1 year is Rs.13000/- (i.e. Basic + DA) Pensionalble Salary is Rs.6500/- (for which EPS contribution is remitted) Pensionable Service = 19 years + 11 months (i.e. 20 years) Since 11.09.1995, the formula applicable for Pension Calculation is Pensionable Salary X Pensionable Service --------------------------------------70 but for the service before 11.09.1995, how shall arrive to pension amount. Please suggest me how to arrive total pension amount for the above said service. Thanks in advance Attribution: http://www.citehr.com/340383-employees-pension-scheme-pensioncalculation.html#ixzz27lY06eWd There is no upper limit for Eps-95 pension. For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years. For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of

Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given. For details please see the web site : Attribution: http://www.citehr.com/255450-how-does-pension-get-calculatedprivate-company.html#ixzz27lYCLAK8 Dear Neetu, I think you should also deduct PT. For TDS first calculate the taxable amount. Taxable amount is calculated after considering the tax exemption amts as per income tax law. e.g. Basic = Fully taxable. Special allowance = taxable Medical allowance = tax exemption till 1250 pm Conveyence = 800 pm tax exemption etc. HRA = tax exemtion 50%of basic After that you will get the taxable amount. put the amount into IT slab and calculate the tax. Attribution: http://www.citehr.com/274510-tds-calculation.html#ixzz27lZhh84a Hi, Here by i am sending the 2 formats for TDS Calculation for Male and Female. You can calculate TDS for yearlywise and divided by 12 months. You can get the monthly TDS. Thanks & Regards Attribution: http://www.citehr.com/274510-tds-calculation.html#ixzz27lZkoRln EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium. 1. Determination of Deposit.

Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation. 2. Determination of Compensation. Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-. Eg. a) Deposit Rs. 100,000 For 1st 50000 - 50000, Next 50000 - 20000 Total - Rs. 70,000 (will get full amount as it is not more than 100,000). Eg. b) Deposit Rs. 200,000 For 1st 50000 - 50000, Next 150,000 - 60000 Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000). Eg. c) Deposit Rs. 300,000 For 1st 50000 - 50000, Next 250,000 - 100,000 Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-) But there is better Insurance schemes with the same premium, even without cosidering the deposits. With this type of better benefits, some of the organisations are exempted from EDLI. Instead they are providing in lieu of EDLI. There are schemes which specifies more than 100,000/- for natuaral death and double benefits for accidental death. Attribution: http://www.citehr.com/244069-edli-calculation-case-death-duringservice-period.html#ixzz27lZwDY19 Dear Nidhi, Hope this helps Warm Regards Sandeep Kumar Dwivedi +91-8010272848 Attribution: http://www.citehr.com/304115-calculation-leave-encashment-earned-

leaves-pf-tds-calculation-same.html#ixzz27laltz3T

Dear Anjals, There is no such rule of basic on Gross, its vary company to company,however as per ideal practices it should be between 25 to 40 % of gross salary,however there is no hard and fast rule for that calculation.so we can not say that basic should not be less than 40% of gross salary??( as mentioned by M.V.K. Sarath Raja). Secondly Medical reimbursement has standard amount which is 1250 not 1150?? Attribution: http://www.citehr.com/347383-calculation-basic-salary-grosspay.html#ixzz27lbRdhg8 LTA and medical allowances are given for tax benefits. As per the current block LTA is 2010 - 2013 so those come huge tax bracket they can avail LTA facility. It is generally given for AM and above since the salary will be more and middle senior management will be having certain benefits as employee benefit. Regarding medical since it is Rs 15000/- you can give to executive also if he/she is coming under tax bracket. Attribution: http://www.citehr.com/347383-calculation-basic-salary-grosspay.html#ixzz27lbWrDnd Hello, regards, Attribution: http://www.citehr.com/85564-earned-leaveencashment.html#ixzz27lcHGVYU ear friends, The provisions related to Earned Leaves are provided in Sec. 79 and sec. 80 of the Factories Act (like provisions are in Sec. 14 & 25 of the Punjab Shop & Commercial Establishment Act 1958 pl. check applicable state acts) which provides for the Annual leaves with wages and Wages during wage period, these

sections only provides for entitlement, carry forward, requirements for availing, wages to be paid during wage leave period, but there is nothing on encashment of the earned leaves (except on being discharged, dismissed, quits employment superannuate or dies while in service) means that the unavailed leaves will laps, So to my understanding the encashment should be as per the company policy and for calculation we can refer to Sec. 80 of Factories Act or similar sections as referred above. Attribution: http://www.citehr.com/85564-earned-leaveencashment.html#ixzz27lcLTEeI Hi All, To calculate leave encashment we can use the following method by which we can evaluate the leave encashment amount: Basic/26*No. Days (EL). Some company using the formula to evaluate leave encashment : Gross/30*No. of Days (EL). In my opinion you have to use the first formula i.e. Basic/26*No. Days (EL). Thanks & Regards Attribution: http://www.citehr.com/324994-calculation-leaveencashment.html#ixzz27ldFvXUr Dear Sudha S. For more details visit the given site.. Attribution: http://www.citehr.com/218970-tax-exemption-earned-leaveencashment.html#ixzz27ldMVg9U The problem occuring is few people are giving it annually Few companies are giving Monthly Some are following 5.76 % of BASIC+DA Some give on the basis of the perday payment including the all salary emoulment

Which would be the EXACT Also we need to have the correct supporting document for which ever we are following Attribution: http://www.citehr.com/391639-contract-labour-leaveencashment.html#ixzz27ldn0XuM Dear Pravin,

Attribution: http://www.citehr.com/391639-contract-labour-leaveencashment.html#ixzz27ldrQPGF We have to follow the system which is more beneficial to workmen. Since the tenure of contract workmen is uncertain, and even ceases even before eligibility period of 240 days it is better to reimburse 1.5 days wages per month with monthly wages and reflect in wage register and it is nothing wrong. Even the eligibility period of 240 days is being recomended to reduce to 90 days in the coming amendment in Factories Act. Attribution: http://www.citehr.com/391639-contract-labour-leaveencashment.html#ixzz27ldu4FKp Dear All

EL encashment .
To pay EL encashment, the worker has to work for 240 days in the year. As such you can calculate the EL @ 1 leave for every 20 days and can be paid in January, for every completed year. Maximum EL would be 15 days in a year and calculation is monthly wages divided by 30 and multiply with no of eligible leaves for that year. This shows in Factory Act. There is no specific period to pay EL encashment . It can be paid in any month as co wish most probable companies will pay during march to show it the end of accounts. EL is not maximum of 15 days it is to be min 15 days max employers wish.You

can show upto 30 days of leave credit in the register. calculation is as follows eg basic + da/26 * no of el encashment. Basic 5000+DA 500 = 5500/26*30 the figure will be the encashment amount. and for that mandatory 240 days let me post in next Attribution: http://www.citehr.com/391639-contract-labour-leaveencashment.html#ixzz27ldxjwRB Dear Pravin, Attribution: http://www.citehr.com/391639-contract-labour-leaveencashment.html#ixzz27le2m05V dear all u all r not giving right answer plz never tell anyone wrong answer i m teellling u the right answer under C&L abolition act the conrtacter must pay the leave amount to every employee which will b calculated for the calander year and payable in January only at any cost otherwise contractor will be penelized. amount must be calculatef on EL Workingdays/20*last basic drawn/26(under factory act) under shop act total el are 15 calculation same as factory act other 14 leave cl and el last basic/26*14 I hope it will fulfill your query. Attribution: http://www.citehr.com/222121-how-calculate-hra-exemptionscalculate-tds.html#ixzz27lerceiK Dear Neetu, I think you should also deduct PT. For TDS first calculate the taxable amount. After that you will get the taxable amount. put the amount into IT slab and calculate the tax. Attribution: http://www.citehr.com/274510-tds-calculation.html#ixzz27lfH8O7u

Dear Neetu, HRA shown above is 50%. It is the maximum limit to be exempted. To get full exemption on HRA, House rent receipt @60% (Actual HRA + 10%) is to be furnished. i.e 11333+2267= 13600. Balance salary is 22667x12 = 2,72,004 -(1). Savings towards PF, 780x12 = 9360 - (2) Taxable income (1)-(2) = 2,62,644 In case of Male Employee, Tax = (2,62,644-1,60,000)x10% = 10264.4 For Female, additional exemption of 3000 on tax is applicable. For further deduduction on Tax, there are various provisions as detailed under. I shall insert an Excel worksheet (but comparitively simple) for Income Tax Calculation on salary for the Financial Year 2010-11 (Assessment Year 201112). Prior to that I wish to explain some details to get an idea to enter the inputs. On gross salary the following deductions are applicable. 1) Professional Tax 2) House Rent in excess of 1/10th of salary subject to ceiling equivalent to HRA 3) Interest on Housing loan subject to ceiling Rs. 1,50,000. 4) Refund on Housing loan, savings, tution fee to 2 children etc. altogether subject to ceiling Rs.100,000. 5) In addition savings on infrastructure bonds upto Rs. 20,000. 6) Other than the above one lakh, 15000 to 20000 towards medi claim premium, 40000 to 60000 towards treatment on specified diseases like Motor Neuron disease, 75000 to 100,000 towards disabilty etc. are also admissible for deduction. Attribution: http://www.citehr.com/274510-tds-calculation.html#ixzz27lfOIhyG Reply Attribution: http://www.citefin.com/8782-how-calculate-tds-basis-monthlysalary.html#ixzz27lfoWX7l For the F/Y 2011-2012, there is an exemption for filing IT Returns. Exemption is available for employees having income from Salaries Interest from Saving Bank Account upto Rs. 10,000 Exemption is available if Total Income does not exceed Rs. 5 Lacs ( Total Income means Gross Total Income Less Deductions under Chapter VI A)

Hello, Everyone Please help me out to solve my query. I need to make service tax payment on behalf of my company. Which is a recruitment firm. We raise invoice to our clients for the placement services, and is inclusive of 10.3% service tax. My Queries are : 1) While paying Service Tax do we need to pay 10.3% of the professional fee which has been added in the invoice only? 2) Is there any change in service tax payment whuen TDS is deducted from the Total Invoice amount? 3) How to calculate the late fine if we make payment in Sept 09 ( since its due from last April 09)? 4) The date to be considered is the invoice date or the payment receipt date?

1).if the service receivable is more than service tax payable for the the month is it requied to pay any service tax 2)in case of service receivable is from bas & custom clearnace service and service tax payble (billed)is in single service not seprated in diffretent service categaries should i take set off against it 3) in above second case for which services head i pay the services tax against bas or custom clearnace service or bss service Attribution: http://www.citehr.com/195721-queries-regarding-service-tax-pleasereply.html#ixzz27lgMogPO EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium. 1. Determination of Deposit. Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation. 2. Determination of Compensation. Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-. Eg. a) Deposit Rs. 100,000

For 1st 50000 - 50000, Next 50000 - 20000 Total - Rs. 70,000 (will get full amount as it is not more than 100,000). Eg. b) Deposit Rs. 200,000 For 1st 50000 - 50000, Next 150,000 - 60000 Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000). Eg. c) Deposit Rs. 300,000 For 1st 50000 - 50000, Next 250,000 - 100,000 Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-) But there is better Insurance schemes with the same premium, even without cosidering the deposits. With this type of better benefits, some of the organisations are exempted from EDLI. Instead they are providing in lieu of EDLI. There are schemes which specifies more than 100,000/- for natuaral death and double benefits for accidental death. Attribution: http://www.citehr.com/244069-edli-calculation-case-death-duringservice-period.html#ixzz27lggszPN