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Explain the procedure to calculate Provident Fund, ESI, VAT and Sales Tax

Open uri20170510 32134 7ezpi6?1494421819 jaggu asked over 2 years ago

Hi Friends, I am Jaggu. I am preparing for CA exam. Can you please Explain the procedure to calculate Provident Fund, ESI, VAT and Sales Tax

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

Provident Fund– Provident fund is calculated at 12% on the basic salary which is deducted from employee’s salary plus 12% on the basic is contributed by the employer. So, the aggregate 12% + 12 % is remitted to the Provident Fund Department.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

Let me informed that Provident Fund– Provident fund is calculated at 12% on the basic salary which is deducted from employee’s salary plus 12% on the basic is contributed by the employer. So, the aggregate 12% + 12 % is remitted to the Provident Fund Department. ESI– stands for Employee State Insurance and is calculated at 1.75% on the gross salary of the employees whose salary is below Rs. 10000 per month and employer contributes 4.75% on the gross salary of the employee and aggregate 1.75% + 4.75% is remitted to the ESI Department

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

> Procedure to calculate Provident Fund, ESI, VAT and Sales Tax **Provident Fund–** Provident fund is calculated at 12% on the basic salary which is deducted from employee’s salary plus 12% on the basic is contributed by the employer. So, the aggregate 12% + 12 % is remitted to the Provident Fund Department. **ESI–** stands for Employee State Insurance and is calculated at 1.75% on the gross salary of the employees whose salary is below Rs. 10000 per month and employer contributes 4.75% on the gross salary of the employee and aggregate 1.75% + 4.75% is remitted to the ESI Department **VAT–** VAT percentage is 1, 4, 12.5%. It is a tax which is charged on the basic value of the product by the seller from the buyer and the same is remitted to the Sales Tax Department. Procedure to calculate Provident Fund, ESI, VAT and Sales Tax Procedure to calculate Provident Fund, ESI, VAT and Sales Tax

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered over 2 years ago

Dear Friend, as far as your query is concerned that Explain the procedure to calculate Provident Fund, ESI, VAT and Sales Tax Let me informed that Provident Fund– Provident fund is calculated at 12% on the basic salary which is deducted from employee’s salary plus 12% on the basic is contributed by the employer. So, the aggregate 12% + 12 % is remitted to the Provident Fund Department. ESI– stands for Employee State Insurance and is calculated at 1.75% on the gross salary of the employees whose salary is below Rs. 10000 per month and employer contributes 4.75% on the gross salary of the employee and aggregate 1.75% + 4.75% is remitted to the ESI Department VAT– VAT percentage is 1, 4, 12.5%. It is a tax which is charged on the basic value of the product by the seller from the buyer and the same is remitted to the Sales Tax Department. Sales tax: Same as VAT Hope answer was helpful to you Regards, Arjun Pratap Singh

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