Here is a scenario.
51. Rate of contribution. — The amount of contribution for a wage period shall be in respect of —
(a) employer’s contribution, a sum (rounded to the next higher rupee) equal to four and three-fourth per cent. of the wages payable to an employee ; and
(b) employee’s contribution, a sum (rounded to the next higher rupee) equal to one and three-fourth per cent. of the wages payable to an employee.
The ESI Contribution Basis is 8,629.00
Since the Ee ESI contribution is 1.75% of ESI basis, the value for that will be 151.0075.
ESI online challan rounded value - 151.00
INESI rounded value - 152.00
And we know there are only 100 paises in a rupee. So the above value ideally gets rounded off to 151 rupees. And this is what the ESI website is also calculating when the client is generating an online challan for payment. However the function INESI is rounding it up to 152.00 which is quite incorrect. So is the problem with Er ESI contribution.
Because of this on a monthly basis there is a difference of thousands of rupees and clients are unable to reconciliate the ESI contribution amounts.
Please suggest me how do i go about resolving this issue. I am sure this is not just happening with only this client.