Top 100+ Statutory Compliance Interview Questions And Answers
Question 1. What Is Pf Year?
Answer :
PF accounting is finished from March to February of each 12 months. This length is known as as PF Year. This is applicable best to PF and does not have any impact in any other modules.
Question 2. Does Every Employee Contribute To Pf?
Answer :
According to the PF guidelines (as of 2004), all employees who draw a PF Basic of less than Rs. 15000 should make a contribution to PF. This is obligatory. For employees having PF Basic greater than Rs. 15000, the deduction/contribution will be on 15000. However in maximum businesses, PF is relevant to all personnel. There are exceptions (those who do not make contributions) but these are few.
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Question three. What Is Pf Basic Or Pf Gross?
Answer :
This is the amount on which the PF contribution or deduction is calculated. Generally in ninety five% of the corporations that is Basic + Basic Arrears + DA + DA Arrears. However, there are always exceptions and a few companies need it to be a touch unique. In that case, we are able to change the PF Basic formulation to cater to the client's necessities.
Question four. What Are The Various Reports Associated With Pf?
Answer :
PF Monthly file: This is a file that needs to be generated each month and it includes the information of Employee PF, Employer PF, VPF, and PF Basic for the employee. Based the numbers appearing on this report, the agency wishes to make payments to the authorities every month.
PF - Form five: This is a month-to-month report giving a list of all employees who have joined the enterprise inside the modern-day month. Based on an option placing, this record can also indicate all the personnel whose payroll has been processed for the primary time on this month.
PF - Form 10: This is a monthly record giving a listing of all personnel who've left/resigned the corporation within the modern-day month. Based on an option placing, this document also can indicate all of the personnel whose PF has been settled in this month.
PF - Form 12A: This is a monthly record giving a summary of the range of employees currently protected below PF, overall contribution for the month, and different information.
PF - Form 3A: This is a monthly file giving a precis of all the PF deductions (worker and corporation) performed for the employee in a given PF Year.
PF - Form 6A: This is a monthly report giving a precis of Form 3A in line with employee. This report offers the full deductions achieved for every worker in a given PF Year.
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Question five. What Are The Various Options For Pf Form 10?
Answer :
Form 10 may be generated based totally on either Leaving Date or Settlement Date. This can be set inside the General Options. The option call is USE_SETTLEDATE_IN_FORM10. If you place this selection to YES then the Form 10 document will listing all employees who are settled within the given date variety. Otherwise, it's going to select up all employees who have resigned in the given date range.
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Question 6. What Is The Link Between Pf And Income Tax?
Answer :
As consistent with Indian Tax legal guidelines, any contribution done via the worker closer to PF can be taken into consideration for Section 88 rebate.
In Folklore, any deduction completed for PF and VPF is routinely considered for Section 88 rebate in the Income Tax module.
Question 7. What Are The Various Esi Reports?
Answer :
ESI Monthly record: this record is generated month-to-month. This offers the total deductions/contribution (employee and employer) done for each employee for a month.
ESI Form 6: this is a half of yearly record.
ESI Form 7: that is also a 1/2 yearly report.
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Question eight. What Are The Other Rules Governing Esi?
Answer :
ESI contribution stops while the employee's gross earnings crosses Rs. 15000/- (as much as May 2010 this turned into 10000)
This stoppage of ESI can't show up in any month. The change over from ESI deduction to No ESI deduction can manifest most effective in 3rd (March) or ninth (September) month i.E. Despite the fact that an employee's profits crosses, 10000 in July, the ESI deduction will keep until August.
In the September payroll, the worker's ESI deduction may be 0 (as has crossed Rs. 10000/-).
The contrast of income is done with Full Income and the calculation of ESI is carried out at the actual payout (profits).
Question nine. An Employee Has Esi Deduction But Is Not Appearing In The Esi Report. What Could Be The Issue?
Answer :
ESI report considers a discipline referred to as ESI Eligibility. An worker name will display within the ESI document most effective if marked as ESI Eligible in worker statistics.
Verify if PF Eligible and ESI Eligible are selected inside the Employee Information web page of your utility.
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Question 10. What Is Esi Rules?
Answer :
ESI. Scheme being contributory in nature, all of the employees inside the factories or establishments to which the Act applies shall be insured in a manner provided with the aid of the Act. The contribution payable to the Corporation in admire of an employee shall incorporate of enterprise’s contribution and employee’s contribution at a special price. The fees are revised on occasion. Currently, the worker’s contribution rate (w.E.F. 1.1.97) is 1.Seventy five% of the wages and that of company’s is four.75% of the wages paid/payable in admire of the employees in every salary duration. Employees in receipt of a each day average salary as much as Rs.70/- are exempted from charge of contribution. Employers will however contribute their personal proportion in appreciate of these personnel.
Question eleven. What Are The Rates For Contribution (deduction) To Esi?
Answer :
For personnel, ESI deduction price is 1.Seventy five% of the ESI Gross income.
For organization, ESI contribution is on the charge of four.75% of the ESI gross profits.
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Question 12. What Is Esi Gross Salary?
Answer :
Generally, all of the earnings additives paid to an worker is considered for ESI Gross computation. In Folklore, ESI Gross is described by way of the user. User indicates which income additives are to be considered for ESI Gross.
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Question thirteen. How To Do Pf Process For My Existing Employees Using Greythr On A Monthly Basis?
Answer :
Payroll → Process Payroll → Quick technique (Your payroll may be processed here)
Go to Reports → Search for ECR → Select ‘PF - ECR Format’ Report from the hunt result → then, Select ‘Regular’ as a type → Click generate ECR file
Then a text report is downloaded on your machine, PF admin consumer need to login to PF Unified Portal and upload the generated ECR text record from greytHR
Question 14. How To Do Pf Process For Resigned Employees Using Greythr?
Answer :
Under Employee tab → Information → Separation → Select the employee and furnish the resignation info (tentative relieving date and many others.,)
Once employee has left the employer (after serving his word duration) do the subsequent:
Payroll → Payroll Inputs → Final agreement → Select the worker → Finish the settlement procedure
Payroll → Process Payroll → Quick process (Your payroll may be processed right here)
Go to Reports → Search for ECR → Select ‘PF - ECR Format’ Report from the search end result → then, ‘Exit Employees’ as a kind → Click generate ECR report
Then a text document is downloaded on your gadget, PF admin consumer should login to PF Unified Portal and add the generated ECR text document from greytHR
Question 15. Where To Enter The Uan Number In Greythr?
Answer :
Under Employee → Information → PF Details add all of the info
Payroll → Process Payroll → Quick manner (Your payroll could be processed right here)
Go to Reports → Search for ECR → Select ‘PF - ECR Format’ Report from the search end result → then, ‘New Joinees’ as a kind → Click generate ECR file
Then a text record is downloaded for your device, PF admin user need to login to PF Unified Portal and add the generated ECR textual content file from greytHR
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Question sixteen. How To Do Pf - Process For A New Entrant To Your Organisation Who Has Never Been Previously A Contributing Member Of Pf Using Greythr:?
Answer :
Login to greytHR → visit Actions tab → Select the ‘Add employee link’ → Enroll an employee into greytHR through filling in all his important information, below the PF segment - permit ‘Eligible for PF’ (Select ‘Regular PF Contribution (Max 1800)’ (or) ‘Excess PF Contribution (Above 1800)’)
Once you click on ‘finish’ after enrolling an worker, on the equal display below associated motion choose ‘Add Salary’
Enter handiest the Annual CTC of the employee (System will routinely do the issue wise revenue breakup)
PF Admin user needs to login to → Unified PF Portal with relevant KYC for the brand new member → Upload them and generate UAN
Enter the generated UAN quantity and the PF variety in greytHR
Question 17. What If Family Pension Fund Or Fpf Or Employee Pension Scheme Or Eps?
Answer :
The contribution made via an business enterprise toward PF is cut up into contribution towards PF and contribution to some other scheme known as Pension Scheme.
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Question 18. I Have An Error While Exporting Form 3a - (form 3a) To Edi Format. What Do I Verify?
Answer :
Verify if the ODBC driving force for PHP is set up at the PC, wherein the export is taking place. This is wanted because the EDI document is generated in DBF layout.
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