Tally Payroll - Provident Fund

Discussion in 'Statutory Compliance' started by VINOD N K, Apr 24, 2016.

         
  1. VINOD N K

    VINOD N K New Member


    Dear Sir

    With Reference To The Circular Dated 02nd March, 2015, The EPFO Has Come Up With A Circular For Changing The Admin Charge(A/C No 2) For An Establishment From The Existing 1.10% To 0.85% Of Basic Wages + DA + Cash Value Of Food Concession, Thereby Resulting In Reduction By 25 Basis Points. The Amendment Is Made Effective From 01 Jan, 2015. As A Result Of The Amendment, The Employer Share Of PF Has Changed From 13.61% To 13.36%.

    However, The Department Has Set A Limit For Minimum Charges For A/C No. 2 (Admin Charges On PF) And A/C No 22 (Admin Charges On EDLI) €“ As Given Below

    Before Amendment

    A/C No 2 : Admin Charges On PF : 1.10% Of Basic Wages + DA + Cash Value Of Food Concession

    A/C No 22 : Admin Charges On EDLI : 0.01% Of Basic Wages + DA + Cash Value Of Food Concession

    After Amendment

    A/C No 2 [​IMG].85% Subject To Minimum Rs.500

    A/C No 22:0.01% Subject To Minimum Rs.200

    Category Of Establishment : Non-Functional Establishment Having No PF Member (Employee)

    Before Amendment

    A/C No 2 : Admin Charges On PF : Rs. 5

    A/C No 22 : Admin Charges On EDLI Rs. 2

    After Amendment

    A/C No 2 :Rs. 75

    A/C No. 22 :Rs. 25

    To Conclude, If The Amount Payable For A Month Falls Below Rs.500 (For A/C No 2) Or Rs.200 (For A/C No 22), Then Rs.500 And Rs.200 Will Be Payable In A/C No. 2 And 22, Respectively.

    Here how to set the amount in Tally.ERP9

    Sincerely
    Vinod
     



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