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Statuatory

A statutory audit is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

Professional Tax

Returns of Tax Payable by Employer under sub-section(1) of section 7 AP Tax on professions,Trade Employment act 1987

Form V(Rule 12)

Payment & return date every month 10th

Employee Monthly Salary or wagesRate of Tax
Upto Rs 5000/-Nil
Rs 5001 To Rs 6000Rs 60
Rs 6001 To Rs 10000Rs 80
Rs 10001 To Rs 15000Rs 100
Rs 15001 To Rs 20000Rs 150
Above 20000Rs 200

Directors each Rs company per annum Rs

Click below links to download Professional Tax forms
Form-1
Form-2

Provident Fund/PF

PF deduction Breakup

Employee :12%
Employer :12%
EPF Admin charges :0.85%
EDLI :0.50%
EDLI Admin charges : 0.01%
Total:25.36%

Employee Contribution 12% and employer contribution 13.36% ( 12% + 13.36% = 25.36% )
Employer contribution 12% Breakup
A/C No : 1 -> 3.67%
A/C No : 2 - > 8.33% - EPS

PF Calculated on basic salary …( Effected from date : 1.9.14)
if 15000/- is basic 15000*12% = 1800/-


Due Dates of PF return:Monthy Return - 25th of every month Annual Return - 25th April of every year

Due Date of ESI Return:11th May & 11th November of every year. In audit, EPF & ESI shall be deducted from salary every month and shall be deposited by 15th & 21st of every month respectively.


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