PF SALARY ABOVE 15000

SALARY INCOME AND TAX IMPLICATIONS FOR AY 2021-22

Salary Income and Tax Implications for FY 2020-21 (AY 2021-22)

What is Salary? “Salary” is a fixed and regular remuneration made by an employer to an employee on a periodic basis. The actual receipt of salary in the previous year is not material as far as its taxability is concerned. The existence of employer-employee relationship is the absolutely essential for taxing a particular receipt under …

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EPF CONTRIBUTION RATE

EPFO : EPF Limit Employees 20 or more registration mandatory

Employers contribute towards their Employees’ Provident Fund (EPF) at the rate of 12% of the basic salary from which 8.33% of their individual monthly salaries goes into the Employees’ Pension Scheme (EPS). However, this contribution cannot exceed Rs 1,250 i.e. 8.33% of Rs. 15,000 per month in the EPS Scheme. 0.5% of the total income …

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