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I'm an IT Professional I just have received my first salary and I've notice that my employer is deducting Company's contributions to PF from my salary which is not shown in Salary Slip.
e.g.
Salary Amount is 10000.
Company's Contribution to PF 200
Gratuity 30
------------------------------------------------------------------------
Gross Salary 9770
And from gross salary again PF, professional tax is getting deducted.
Im not so aware of PF law. But is it legal to deductions ?
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EPF Amount Employee share 12% is deduct only from your basic + DA salary, it is not deduct from your gross salary. another employer share 12% is deposited by your employer not deduct from your salary.
JNANA RANJAN KAR
9439527324
This can happen if your CTC (Cost to Company) is Rs.10000.
CTC minus Employer's contribution to PF, gratuity etc.= Gross
Gross minus Emplyee's contribution to PF, P.Tax = Net
Salary slip generally shows the break-up and deduction details on Gross.
Regards,
Soma Das.
there are numerous deduction from salary..
like
Provident Fund
ESI (if applicable)
MLWF
Loan (if applicable)
TDS (if applicable)
P.T
and hence the actual formula for getting Salary in your hand
Gross Salary - Total Deduction = Net Salary.
PF amount deposited by comp. can be withdrawn and get by the employee at the time of leaving job or retirement which ever is earlier a/w interest which more than 8%
further query
kishor_goswami@hotmail.com
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