What are the rates (percentages) paid as employer's share of PF in a/c no.1, a/c no.10 & a/c no.21
Can we deduct TDS on hire purchase?
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Answered by: ketavarapu
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Member Since Jun-2007 | Answered On : Feb 3rd, 2009
Under Sec 94-I we can deduct TDS
under 94 - I @ 2%
Vouching is the process of inspecting the books of account to ensure that the correct financial position of the entity
What is miscellaneous expenses & why they carry forward every year
Miscellaneous expenses are those expenses which are very minor/small in nature.Any expense which cannot be debited to any expense account is debited to misc exp a/c. Examples: donations given to someo...
Miscellaneous expenses are the petty expenses, which every business incurr in their day to day transaction, these could be refreshment expenses, conveyance, postage etc. for accounting these expenses ...
How many types of fixed assets
There are 2 types of Fixed Assets:Tangible fixed assets: Tangible assets are those that have a physical substance and can be touched, such as Land, Building, furniture & Fixture, Plant &...
There are 3 types of Fixed Asset:-
1- Capitalized Assets
2- CIP Assets
3- Group Assets
Can a rental expense for equipment be treated as construction in progress?
Example, building an expansion of building , but need to rental an equipment to complete this project.
Yes, as it will be added to the cost of the project
What are examples of deferred revenue expenditure?
heavy advertisement expense is the best example of deferred revenue expenditure. it have both quality of revenue and capital so its also called capital expenditure
It is an expenditure the benefit of which will be realised over a period and not during the current period.Ex-Heavy Advertisement expenditure incurred by the company for promoting the product.The...
Explain about accounts receivables in accounting
It is money receivable from sundry debtors for sales made or services rendered.
Why does the outstanding exp & prepared expenses treated as personal account?
Because these exps are paid/payable to persons. person includes Sole Proprietor, Partnership Firms, HUF, Co; etc.Personal accounts always appear in B/S until it is transfered to expenditure by debiting to P&L A/C.
What is the difference between a provisions and reserves?
Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c..
1. It is charged against profits .
2. provisions are compulsory ,whether there are profits or loss.
3. it cannot be used for distributing dividends.
PROVISIONS: These are made aganist charge. Provision are made if there is profit or not for company.ex: Bad debts, income tax.
RESERVES These are made on profits. Generally every has kept minium 10% as reserves.
What are the general deductions made while doing payroll for an employee in an organization?
I am conform to you esi charge on amt & all details more........
PF,
ESI,
PT,
Loans,
EMI
What is accumulated depreciation?
The depriciation which is calculated on a particular asset till the present period.
the total amount of depreciation accumulated over the years from the date the asset was put to use to till date
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Answered by: Dinu Raj
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Member Since Jan-2010 | Answered On : Jan 23rd, 2010
PF Employer contribution
12% of Basic+DA+1.61%
Out of this 12%
3.67% will go to Povident Fund (Ac No: 1)
8.33% will go to Pension Fund ( Ac No: 10)
And
1.61% on PF contribution is Bifurcated into 3 parts
1.1% Admin charges
0.01% Admin on EDLI
0.5% EDLI
PF Employee Contribution
12% of Basic+DA
Entair amount will deposited to PF (Ac NO: 1)
Employee can make higher contribution but he can't contribute less than employers contribution.
Provident Fund Payment from employ 2.5 and employer 2.5 on basic salary totally 5%
11% and 4%