And the employer is free to use any one of the methods. EPF Interest Rate: As of now, the EPF interest rate is 8.50% (FY 2019-20). ESIC calculation as per ESIC rules of act 1948. In this post, we will look at payment and filing due dates for PF, ESI, TDS. How to Calculate EDLI Contribution of Employees EDLI Contribution Formula = (Basic salary of employee +DA) X 0.5% For example, if an employee basic wage + DA i.e PF wage is 14000 Rs then EDLI contribution is calculated as follows This would benefit 3.6 crore employees and 12.85 lakh employers. The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4% (employers’ contribution being reduced from 4.75% to 3.25% and employees’ contribution being reduced from 1.75% to 0.75%).Reduced rates will be effective from 01.07.2019. One cannot claim any kind of deductions under Chapter VI-A (like deductions under Section 80C, 80D, etc.) 1) Employee – 12 % (of Basic + DA & Food concession allowance & retaining allowance, if any) 2) Employer – 13.61 % (of Basic + DA & Food concession allowance & retaining allowance, if … Know how to calculate House Rent Allowance (HRA) on basic salary, payslip & get maximum tax benefits. from such gains. It is calculated on the basis of gross salary/wages/pay per month and the maximum limit is up to ₹ 21,000/- per month (earlier it was ₹ 15,000 per month). HRA Calculator - Easy steps for HRA Calculation with examples for FY 2019-20 & AY 2020-21. Composition of ESIC. Return under the Bonus Act has to be submitted within 30 days after the expiry of time limit specified for payment of bonus, which is 8 months from the close of the financial year. But since this is a simple calculator, we keep it at 3.67% in EPF as Employer’s Contribution. This rate changes according to decisions made by EPFO. The EPF calculator template consists of 3 sections: Header Section, Employee Detail Section, and Provident Fund Calculation section. The bonus return is filed in form D in the labour office in which jurisdiction of the enterprise falls. Minimum 20 eligible employees are required to get registered under ESIC. 07 November 2009 PF is deducted on Basic salary i.e Basic + DA is Rs. Also, we will see the penalty for late payment or filing. Tag: income tax calculation formula in excel fy 2019-20 Income tax calculation sheet for the financial year 2019-20 [AY 2020-21] Automated Salary Tax Calculator along 15+ other Features April 4, 2019 January 4, 2020 @PayrollExperts But this rate is revised every year. The tax on long-term capital gains is payable at the rate of 20% (plus education cess 4% for FY 2018-19/AY 2019-20 and 3% for FY 2017-18/AY 2018-19). Applicability of the ESI scheme The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and th e beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme. Applicability of the ESI scheme The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme. Hello. ESIC includes the medical benefit both for the employee and employer. The ESIC generally consists of the following members as explained below. 15000/- or less above that PF is not deducted. 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