WebEmployee’s contribution towards EPF = 12% of (Basic pay + DA) Employer’s contribution towards EPF = 12% of (Basic pay + DA) Please note that the 12% of employer’s contribution is divided into two parts, 8.33% towards employee’s pension scheme (EPS) and 3.67% towards Provident fund. WebThe current EPF interest rate for the is 8.15%. Though the interest rate is regulated on a yearly basis, it is calculated on a monthly basis. Thus the interest rate is calculated by …

How to calculate your and your employer’s EPF contribution

Web28 mei 2024 · Any income contributed to the RPF in excess of 12% is completely taxable. So this means if an employee contributes around 15% to the RPF, 3% ie, 15%-12%=3%, is chargeable under the income from the salary head. The interest amount received in excess of 9.5% is also taxable. Web15 apr. 2024 · Interest accrued on an EPF balance becomes taxable if withdrawn before five years of continuous employment, according to income tax law. If an employee works with more than one employer within... how do gunshot detection systems work

Whether EPF withdrawal attracts Taxes? - TaxGuru

Web11 apr. 2024 · The income tax department has notified the cost inflation index (CII) number for the current financial year. The CII number is used to arrive at the inflation-adjusted price of an asset. The capital gains that are chargeable to income tax are lowered using the indexation benefit. From FY 2024-24, the indexation benefit has been removed from debt … Web20 jan. 2024 · Employee’s contribution is 12% of Rs. 50,000 i.e. Rs. 6,000 and it will go to the EPF. Employer’s contribution will also be Rs. 6,000. The entire employer’s … WebAs his taxable income is now INR 5,24,000, he falls under the slab of 5 lakhs - 7.5 lakhs of income tax. Thus he now has to pay a tax of INR 1500 only each month whereas he had to pay INR 15,000 in the beginning as his taxable income as per CTC was INR 12,00,000. how do gust fronts form