PF - provident fund.. CiteOps
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PF

mukeshgola1986@gmail.com Started The Discussion:

Hi Can any body tell me what is the PF and where it is applicable Regards Mukesh

lavakumar_100 - Member Since: Oct 2008
Hi Mukesh,
Pf is Provident Fund which is deducted 12% of your Basic and same would be contributed by the Company towards the accumulation. Once you leave the company you shall be entitled to withdraw the amount which be given in the form of Cheque within 90days. You can also transfer the same if you are joining an other organization.

Get back to me for any more information.

Thanks and regards
Lava Kumar S C

chetangupta - Member Since: Nov 2008
Is PF withdrawal taxable? I have heard that if you withdraw PF after the age of 60 yrs, its returns are non taxable?

fayevanessa - Member Since: Nov 2008
hi hw much % is a person working in a private institute allowed for the sponsership of their childs education any idea................................:confused:

malvina - Member Since: Nov 2008
Quote:
Originally Posted by lavakumar_100 View Post
Hi Mukesh,
Pf is Provident Fund which is deducted 12% of your Basic and same would be contributed by the Company towards the accumulation. Once you leave the company you shall be entitled to withdraw the amount which be given in the form of Cheque within 90days. You can also transfer the same if you are joining an other organization.

Get back to me for any more information.

Thanks and regards
Lava Kumar S C

mukesh n lokesh,

one correction...the employer contribution as per the act is 8% and employee contribution is 6 to 8%....if any employer wishes to go beyond this % its a good geusture ,most cos contribute 12% both frm both sides..its a good saving ...

next ..u can take loan advances too from ur pf account.
The no refundable ones are disbursed for:
- purchase of LIC premium.
-house purchase
-loss of employment due to clouser of establishments or medical contigencies.


malvina

bejoy_bera - Member Since: Oct 2008
i want to know the full system about Provident Fund. tell me the duties and responsibilities of HR ASSISTANT in a manufacturing company.

trupita0722 - Member Since: Aug 2008
10% or 12% of your (basic+DA) is deducted as PF contribution. PF is applicable to even a causal employee. Once the organisation takes the PF code and shows that it has 20 employee employed under it then they have to deduct the PF. Yes if the basic + DA is more than 6500/- then PF is not applicable.

I hope this helps u....
Regards
Trupita
HR Manager
MDC

Monika verma - Member Since: Nov 2008
PF is deducted @12% as a general practice because by this employee would be able to save much and employer, by contributing 12% of employee's basic salary, can claim more expense in income tax.because in Income tax Contribution to PF is exempt upto 12% of basic salary.:smile:

Thanks & Regards,
MONIKA(CA)

Hi Mr. ChetanGupta,

If u have a RPF or PPF account.then it would be exempt while receiving in lumpsum at the time of leaving the company after 5 years of joining.and URPF and SPF are exempt upto certain limit specified in Income Tax Act.i have no idea if these are exempt totally after 60 years of age.but i guess u r correct in this 60 years clause.i'll check it out and will get back to u

Thanks & Regards,
Monika(CA)

Quote:
Originally Posted by trupita0722 View Post
10% or 12% of your (basic+DA) is deducted as PF contribution. PF is applicable to even a causal employee. Once the organisation takes the PF code and shows that it has 20 employee employed under it then they have to deduct the PF. Yes if the basic + DA is more than 6500/- then PF is not applicable.

I hope this helps u....
Regards
Trupita
HR Manager
MDC

Hi Trupita,
It is not the case that if ur basic+DA exceeds 6500/- then ur PF will not be deducted.Deduction Of PF wholly depends on companies' employees strength.My Basic Is 11000 and PF is being deducted from my salary

Thanks & Regards,
Monika(CA)

jeyachan - Member Since: Oct 2008
Please follow the following link for a whole lot of information on PF. EPFO Thanks Rajesh

chandru.kb82@gmail.com - Member Since: Jun 2008
Quote:
Originally Posted by trupita0722 View Post
10% or 12% of your (basic+DA) is deducted as PF contribution. PF is applicable to even a causal employee. Once the organisation takes the PF code and shows that it has 20 employee employed under it then they have to deduct the PF. Yes if the basic + DA is more than 6500/- then PF is not applicable.

I hope this helps u....
Regards
Trupita
HR Manager
MDC
Hi Trupita,

See if an Employee getting more than 6500/- (basic+da) then pf is applicable for that particular 6500/- and for remaining amount company can pay or can not pay, thats left to company.

Regards
Chandru.



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