definition of salary as per pf act

  • EPFO to inspect firms deducting PF on less than 50% of wage

    Aug 08 2014· As per Section 2 (b) of the Employees Provident Fund & Miscellaneous Provisions Act 1952 the basic wages for the purpose of PF deduction includes all

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  • What is Employees Provident Fund? definition and meaning

    Employees Provident Fund A retirement plan for the private and public sectors in Malaysia enacted by the Employees Provident Fund (EPF) Act of 1991 intended to help employees save a portion of their salary in the event of retirement disability sickness or unemployment As of 2007 employees are required to contribute at least 11% of their

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  • New PF rule may lower take home pay | Business Standard News

    Read more about New PF rule may lower take home pay on Business Standard But increase in the statutory contribution will boost retirement corpus The EPF Act comprises three pillars Provident Fund (PF) pension scheme and insurance scheme Twelve per cent of the salary contributed by the employee was deposited fully into the PF

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  • Salary definitions you need to know for calculation of

    Salary definitions you need to know for calculation of Gratuity HRA and more! Not everyone is well versed in financial terms while it might not be necessary to know every financial term under the sun it is very important to know a few definitions Your salary consists of many components such as Basic HRA EPF concessional house and much more

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  • PROVIDENT FUND | Tax Planning India

    provident fund plays a very important role because at the time of retirement a person get a healthy sum & pension amount subject to the conditions fulfilled as per provident fund Act Tags basic salary employee employer PF provident fund salary

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  • EPFO to inspect firms deducting PF on less than 50% of wage

    Aug 08 2014· As per Section 2 (b) of the Employees Provident Fund & Miscellaneous Provisions Act 1952 the basic wages for the purpose of PF deduction includes all

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  • How salary is defined under Income Tax Act

    Any commission (as a fixed percentage of turnover) or overtime payment paid or payable by an employer to employee will be taxable under the head salary as it is forming part of the definition as defined under income tax act The term salary under Income Tax Act has been defined to include all sums that an employee receives from his employer

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  • The Basic Wages Conundrum Under The EPF Act Employment

    Paragraph 2(f) which sets out the definition of 'excluded employee' and excludes an employee whose pay exceeds INR 6 500 per month from the applicability of the EPF Act and the EPF Scheme; and Paragraph 26 A which provides that where the monthly pay of a member exceeds INR 6 500 the contribution payable can be limited to the amounts

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  • pf basic wages PF & ESI Labour & Service Law

    Jul 08 2011· DEAR MR SESHCHALLA As per the definition under Minimum wages Act 1948 Wages means all remuneration capable of being expressed in terms of money which would be payable to a person employed in respect of his employment or work done in his employment and includes HOUSE RENT ALLOWANCE (wef 17/09/1957) but does not include Gratuity PF/ESI contribution

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  • THE EMPLOYEES' PROVIDENT FUNDS AND

    THE EMPLOYEES' PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT 1952 1[(Act No 19 of 1952)] [4th March 1952 An Act to Provide for the institution of provident funds 2[3[Pension Fund] and deposit linked insurance fund] for employees in factories and other establishments

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  • Calculation of Retrenchment Compensation under Indian

    Jun 04 2016· As per employment law in India the payment of retrenchment compensation is condition precedent and failure to pay will vitiate the retrenchment Therefore calculation of retrenchment compensation is very important While calculating retrenchment compensation unlike Gratuity component of wages includes Basic Dearness Allowance and all allowanc

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  • Employees' State Insurance Wikipedia

    Employees' State Insurance (abbreviated as ESI) is a self financing social security and health insurance scheme for Indian workers The fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated in the ESI Act 1948

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  • Not all allowances exempt from PF EPFO | Business

    Read more about Not all allowances exempt from PF EPFO on Business Standard The flexibility exercised by employers and the provident fund authorities in the definition of basic wages has finally caught the attention of the Employees Provident Fund Organisation (EPFO) It has sought to clarify the definition of basic wages

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  • Definition of basic wages for calculation of PF contribution

    Oct 01 2013· In a recent ruling that favours employees the Delhi High Court has expanded the scope of basic wages to be included for Provident Fund (PF) contribution Under

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  • salary definition for PF contribution

    May 14 2011· Dear All whether salary includes basic pay DA if it is taken for retirement benefit and encashment of earned leave salary definition for PF contribution Dear All whether salary includes basic pay DA if it is taken for retirement benefit and encashment of earned leave salary definition

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  • Which are the different categories of employees covered

    As per the provisions of the Provident Fund Act 1952 the Act is applicable to all workersThe Provident Fund Act does not make any distinction between casual temporary or permanent workers If the Casual workers are employed in or in connection with the work of the establishment the said workers are also eligible for coverage under the Provident Fund Act from their date of joining

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  • Coverage of Employees under Provident Fund Act

    Coverage of Employees under Provident Fund Act H L Kumar Advocate Supreme Court New Delhi The Government takes a months salary from an employee and asks his emp

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  • Salary | Definition of Salary at Dictionary

    Salary definition a fixed compensation periodically paid to a person for regular work or servic See more

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  • Definition of salary under pf act Income Tax Forum

    I have a query related to Provident fund act 1952 on the definition of basic wages given under the act Definition mentioned under the act is as follows Basic wages plus DA plus cash value of food concession plus retaining allowance if any subject to a maximum of Rs6500/ per month Basic Wages

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  • Section 17 Income tax Act 1961 2015 Taxmann

    Section 17 Income tax Act 1961 2015 recognised provident fund to the extent to which it is chargeable to tax under rule 6 of payable by the employer or fifteen per cent of salary whichever is lower in respect of the period during which the said accommodation

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  • Labour laws related to Trainees in India iPleaders

    Jul 11 2017· In this article Pradipta Nath discusses the Labour laws related to Trainees in India The law related to trainees in India is one of the most complicated subjects has ever evolved The reason is that they are trainee and employee at the same time Organizations which engages the trainees should better know the following scenario before [ ]

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  • Calculation of Retrenchment Compensation under Indian

    Jun 04 2016· As per employment law in India the payment of retrenchment compensation is condition precedent and failure to pay will vitiate the retrenchment Therefore calculation of retrenchment compensation is very important While calculating retrenchment compensation unlike Gratuity component of wages includes Basic Dearness Allowance and all allowanc

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  • What is CTC? Difference between CTC Package & Net Salary

    Employer PF is part of CTC not shown on Salary Slip It is NOT counted as part of your earnings and hence not taxed 3 Gratuity is part of CTC Paid @481% of total yearly basic salary per Indian tax law with no withdrawal allowed before 5 years If you leave the organization anytime before 5 years you lose your Gratuity accumulation

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  • Which are the different categories of employees covered

    As per the provisions of the Provident Fund Act 1952 the Act is applicable to all workersThe Provident Fund Act does not make any distinction between casual temporary or permanent workers If the Casual workers are employed in or in connection with the work of the establishment the said workers are also eligible for coverage under the Provident Fund Act from their date of joining

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  • Labour laws related to Trainees in India iPleaders

    Jul 11 2017· In this article Pradipta Nath discusses the Labour laws related to Trainees in India The law related to trainees in India is one of the most complicated subjects has ever evolved The reason is that they are trainee and employee at the same time Organizations which engages the trainees should better know the following scenario before [ ]

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