Extra salary and epf
MOHAMED FIROZ
(Querist) 30 March 2013
This query is : Resolved
WE ARE RUNNING A RECOGNISED GOVT. UNAIDED MATRIC SCHOOL IN TAMIL NADU AND ARE ENROLLED UNDER THE EPF SCEME FOR THE PAST 15 YEARS.WE HAVE BEEN PAYING PF FOR THE STAFF ON THEIR FIXED SALARIES.
WE ARE AT PRESENT PAYING A MONTHLY CONSOLIDATED SALARY OF RS. TWO LAKHS FOR 24 STAFF. WE HAVE NOT FIXED ANY BASIC PAY OR D.A. THE TOTAL EPF PAID ON THE ABOVE AMOUNT IS AROUND RS. 50000.
WE WANT TO GIVE THEM AN INCENTIVE OF 10 DAYS OF THEIR SALARY AS OUR GIFT FOR THIS MARCH 2013.
CAN WE ADD IT TO THEIR SALARY FOR THIS MONTH AND DEDUCT EPF FOR THE REVISED AMOUNT ALSO?
WILL EPF ORGN. APPROVE THIS ONE MONTH INCREASE IN SALARY AS PERMISSIBLE?
CAN WE REDUCE THE P.F. AMOUNT FROM APRIL THIS YEAR BY FIXING BASIC PAY AND CALCULATING P.F.ON IT?
THE MINIMUM SALARY OF A TEACHER IS RS.5000 AND THE MAXIMUM IS RS. 22000.
THE NON TEACHING STAFF RECEIVE RS.6000 TO 10000
HARAN
Adv k . mahesh
(Expert) 30 March 2013
incentive cannot be added to the salary and deduct the epf
Raj Kumar Makkad
(Expert) 30 March 2013
You cannot treat the incentive amount in the wages for the computation of EPF liability.
MOHAMED FIROZ
(Querist) 31 March 2013
THE INCENTIVE IS ACTUALLY LEAVE SALARY OF ONE DAY PER MONTH PAID AT THE END OF THE YEAR.
IS THIS ACCEPTABLE TO THE EPF. ORGN. AND IS IT VALID AS PER THE I.T.ACT?
IF SO HOW TO ENTER IT IN JOURNAL UNDER WHAT HEAD?
CAN WE REDUCE THE P.F. AMOUNT FROM APRIL THIS YEAR BY FIXING BASIC PAY ON THE EXISTING SALARY OF OUR STAFF AND CALCULATE P.F.ON IT
THE CURRENT MINIMUM SALARY OF A TEACHER IS RS.5000 AND THE MAXIMUM IS RS. 22000. WHILE
THE NON TEACHING STAFF RECEIVE RS.6000 TO 10000
