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.
Returns of Tax Payable by Employer under sub-section(1) of section 7 AP Tax on professions,Trade Employment act 1987
Payment & return date every month 10th
|Employee Monthly Salary or wages||Rate of Tax|
|Upto Rs 5000/-||Nil|
|Rs 5001 To Rs 6000||Rs 60|
|Rs 6001 To Rs 10000||Rs 80|
|Rs 10001 To Rs 15000||Rs 100|
|Rs 15001 To Rs 20000||Rs 150|
|Above 20000||Rs 200|
Directors each Rs company per annum Rs
PF deduction Breakup
|EPF Admin charges :||0.85%|
|EDLI Admin charges :||0.01%|
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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