{"id":6820,"date":"2012-08-03T09:44:22","date_gmt":"2012-08-03T09:44:22","guid":{"rendered":"http:\/\/www.yourhrworld.com\/formats\/?p=6820"},"modified":"2012-08-03T09:44:22","modified_gmt":"2012-08-03T09:44:22","slug":"statutory-deductions-exemptions-perquisites-payroll","status":"publish","type":"post","link":"https:\/\/www.yourhrworld.com\/formats\/hr\/statutory-deductions-exemptions-perquisites-payroll\/","title":{"rendered":"Statutory Deductions Exemptions Perquisites Payroll"},"content":{"rendered":"<p><strong>I Have Attached Statutory Deductions Exemptions Perquisites Payroll<\/strong><\/p><div class=\"69eb924294c115e6505da44099e8df92\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script type=\"text\/javascript\"><!--\r\ngoogle_ad_client = \"pub-0867779017855679\";\r\n\/* 300x250, created 4\/20\/11 *\/\r\ngoogle_ad_slot = \"1035864135\";\r\ngoogle_ad_width = 300;\r\ngoogle_ad_height = 250;\r\n\/\/-->\r\n<\/script>\r\n<script type=\"text\/javascript\"\r\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\r\n<\/script>\n<\/div>\n\n<p><strong><span style=\"text-decoration: underline;\">Rules for Statutory Deductions, Exemptions on Allowances &amp; Perquisites<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">Statutory Deductions:<\/span><\/strong><\/p>\n<p><strong>1<\/strong><strong>. EPF<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>12% on Basic + Wages + Stipend + Arrears<\/p>\n<p>Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Basic salary at the Date of joining is above 6,500 then<\/p>\n<p>It is optional to Employee for PF Deduction. Else<\/p>\n<p>If Basic salary at the Date of joining is below 6,500 then<\/p>\n<p>PF Deduction is compulsory<\/p>\n<p>Companies Contribution: 12% on Basic + Wages + Stipend + Arrears<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2<\/strong><strong>. ESIC<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>1.75% on Gross Salary.<\/p>\n<p>Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Gross Salary is below 10,000 then<\/p>\n<p>ESIC is applicable and is deducted. Else<\/p>\n<p>If Gross Salary is above 10,000 then<\/p>\n<p>ESIC is not applicable and will not be deducted. Companies Contribution: 4.75% on Gross Salary.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3. MLWF<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>To Deduct MLWF @ Rs. 12 in June, and December for all the employees of<\/p>\n<p>Maharashtra falling under the following grades: (C1 \u2013 C5, M1 \u2013 M5, S1 \u2013 S5, P1 \u2013 P#).<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. Profession Tax<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>To deduct Profession Tax as per the Profession Tax slab. Given below are the<\/p>\n<p>Profession Tax slabs for the employees of Maharashtra<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">Profession Tax Slab For Maharashtra<\/span><\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Gr<\/strong><strong>oss Salary\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 Profession Tax Deduction<\/strong><\/p>\n<p>0-2500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0<\/p>\n<p>2501-3500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 60<\/p>\n<p>3501-5000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 120<\/p>\n<p>5001-10000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 175<\/p>\n<p>10001-and above\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0\u00a0 200[300 Feb]<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Exemption on Allowances:<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>1<\/strong><strong>. HRA Exemption<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>HRA allowance received by the employee<\/p>\n<p align=\"center\">Or<\/p>\n<p>Actual rent paid \u2013 (10% of Basic + D.A.) Or<\/p>\n<p>50% of (Basic + D.A.) incase the location is (Mumbai, Kolkata, Chennai, Delhi)<\/p>\n<p>or 40% of (Basic + D.A.) incase of other cities.<\/p>\n<p align=\"center\">Or<\/p>\n<p>Which ever is less of the above three.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2. Conveyance Exemption<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Maximum Exempted u\/s 10 upto Rs.9600 p.a.<\/p>\n<p>(i.e. @ Rs. 800 per month when paid along with the salary)<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3<\/strong><strong>. Medical Exemption<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Maximum Exempted u\/s 10 upto Rs.15000 p.a. based on the bills produced by the employee<\/p>\n<p>(i.e. @ Rs. 1250 per month when paid along with the salary)<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. Education Exemption:<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>As per the slab mentioned below:<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 C<\/strong><strong>hild<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Educa<\/strong><strong>ti<\/strong><strong>o<\/strong><strong>n Exempt\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hostel Expenses<\/strong><\/p>\n<p>0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0<\/p>\n<p>1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 100\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 300<\/p>\n<p>2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 200\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 600<\/p>\n<p>&nbsp;<\/p>\n<p>Maximum Exempted u\/s 10 upto Rs.2400 p.a. based on no of dependent children\u2019s declared by the employee<\/p>\n<p>(i.e. @ Rs. 200 per month when paid along with the salary)<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>5<\/strong><strong>. Telephone Exemption:<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Maximum Exempted u\/s 10 upto Rs.18000 p.a. based on the bills produced by the employee<\/p>\n<p>(i.e. @ Rs. 1500 per month when paid along with the salary)<\/p>\n<p>&nbsp;<\/p>\n<p><strong>6. Petrol and Vehicle Maintenance Exemption<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>For Car\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Rs. 1200 p.m. * 12 months \u00a0=\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,400<\/p>\n<p>For Driver\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Rs. 600 p.m. * 12 months\u00a0\u00a0\u00a0 =\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,200<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Perquisites:<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>1. Company Accommodation \/ Furniture<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>15% of Basic + Bonus + Entertainment Allowance<\/p>\n<p align=\"center\">+<\/p>\n<p align=\"center\">10% of Cost of Furniture<\/p>\n<p align=\"center\">&#8211;<\/p>\n<p>Rent of accommodation paid by the company<\/p>\n<p align=\"center\">= Value of Perquisite<\/p>\n<p align=\"center\">\n<p><strong>2<\/strong><strong>. Company Car \/ Driver<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>For Car\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Rs. 1200 p.m. * 12 months \u00a0=\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,400<\/p>\n<p>For Driver\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Rs. 600 p.m. * 12 months\u00a0\u00a0\u00a0 =\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,200<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Exemption on Investments :<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>1. 80 C<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Upto 1,00,000 under heads like PPF, LIC Premium, PF, Housing Loan Principal, NSC, ELSS, etc.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2. 80 D<\/strong><\/p>\n<p>Medical Insurance such as Mediclaim Premium is exempt upto 15,000 per year for self, spouse, and dependant children and additional Rs.15,000 is exempt towards premium for parents and a further Rs.5,000 if the parents are above the age of 65 years.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3. 80 E<\/strong><\/p>\n<p>Interest on Loan taken for higher education is completely allowed as a deduction.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. And Other Sections<\/strong><\/p>\n<p>Like 80CCC, 80DD, Housing Loan Interest, etc.<\/p>\n<p><strong><br \/>\n<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong><a href=\"https:\/\/www.yourhrworld.com\/formats\/wp-content\/uploads\/2012\/08\/Statutory-Deductions-Exemptions-Perquisites-Payroll.doc\">Click Here to Download Statutory Deductions Exemptions Perquisites-Payroll<\/a><\/strong><\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>I Have Attached Statutory Deductions Exemptions Perquisites Payroll Rules for Statutory Deductions, Exemptions on Allowances &amp; Perquisites Statutory Deductions: 1. EPF &nbsp; 12% on Basic + Wages + Stipend + Arrears Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Basic salary at the Date of joining is above 6,500 then It is optional to Employee for PF Deduction. Else If Basic salary at the Date of joining is below 6,500 then PF Deduction is compulsory Companies Contribution: 12% on Basic + Wages + Stipend + Arrears &nbsp; 2. ESIC &nbsp; 1.75% on Gross Salary. Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Gross Salary is below 10,000 then ESIC is applicable and<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[1415,1416,7,1417,352],"class_list":["post-6820","post","type-post","status-publish","format-standard","hentry","category-hr","tag-deductions","tag-exemptions","tag-payroll","tag-perquisites","tag-statutory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statutory Deductions Exemptions Perquisites Payroll - HR Letter Formats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yourhrworld.com\/formats\/hr\/statutory-deductions-exemptions-perquisites-payroll\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Statutory Deductions Exemptions Perquisites Payroll - HR Letter Formats\" \/>\n<meta property=\"og:description\" content=\"I Have Attached Statutory Deductions Exemptions Perquisites Payroll Rules for Statutory Deductions, Exemptions on Allowances &amp; Perquisites Statutory Deductions: 1. EPF &nbsp; 12% on Basic + Wages + Stipend + Arrears Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Basic salary at the Date of joining is above 6,500 then It is optional to Employee for PF Deduction. Else If Basic salary at the Date of joining is below 6,500 then PF Deduction is compulsory Companies Contribution: 12% on Basic + Wages + Stipend + Arrears &nbsp; 2. ESIC &nbsp; 1.75% on Gross Salary. 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Perquisites Statutory Deductions: 1. EPF &nbsp; 12% on Basic + Wages + Stipend + Arrears Condition:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If Basic salary at the Date of joining is above 6,500 then It is optional to Employee for PF Deduction. Else If Basic salary at the Date of joining is below 6,500 then PF Deduction is compulsory Companies Contribution: 12% on Basic + Wages + Stipend + Arrears &nbsp; 2. ESIC &nbsp; 1.75% on Gross Salary. 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