jaggu
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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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narahari
answered
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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veeru
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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
CA Sandeep Bohra
answered
> 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
ARJUN PRATAP SINGH
answered
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
