FNF of Terminated employee

Hi all,
Needed help on calculation of Full and Final amount.
The employee had taken 2 Lac loan last year. He resigned and now his whole salary will be adjusted in last working month. My query is weather whole Gross amount is adjusted or we need to deduct PF and PT or Tax if any and then deduct whole loan amount?

Need help urgently.
Aprajita

2 Likes

Yes, you will have to deduct the Stat deductions - PF, PT, TDS and then deduct loan from Net Payable Amount.

3 Likes

Hi,

Yes, you will have to deduct all the applicable statutory deductions plus loan recovery should also happen with the same gross. Since its a FNF you need to clear off all the statutory and company liability in the same month.

Regards
Arpana

3 Likes

Thanks so much Arpana.

3 Likes
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