Can i give the option to deduct on actual basic And DA instead of capping 15000 , I dont have any circular Pls provide
From India, Bhubaneswar
From India, Bhubaneswar
377
The EPS'95, as amended in 2014, has set a time limit of six months from September 2014 for opting to continue the remission of EPS contribution on actual salary basis exceeding the wage limit. But the Supreme Court in RC Gupta's matter (RC Gupta & Others vs RPFC & Others decided on 4th October 2016 ) turned down the contention of EPFO that the option for enhancing the EPS contribution is unavailable under the original EPS'95 due to limitation of time. Now the matter is back in various High Courts and Supreme Court but this point of exercise of option after the amended EPS came into vogue is not under direct consideration.
From India, Mumbai
From India, Mumbai
The EPF contribution is to be paid as per employer and employee mutual understanding subject to minimum payable as per Act.
As per EPF act, employer can restrict contribution to Rs. 15000/- wages.
Employer can pay higher than 15000/- towards EPF but EPS will be restricted to wages Rs. 15000/- @ 8.33% only.
Member has option to deduct at higher rate maximum to Rs. 15000 contribution p.m. (i.e. 100 % , {12% statutory + 88% voluntary}) of EPF wages.
Thanks,
Vidyadahr Bhat
From India, Pune
As per EPF act, employer can restrict contribution to Rs. 15000/- wages.
Employer can pay higher than 15000/- towards EPF but EPS will be restricted to wages Rs. 15000/- @ 8.33% only.
Member has option to deduct at higher rate maximum to Rs. 15000 contribution p.m. (i.e. 100 % , {12% statutory + 88% voluntary}) of EPF wages.
Thanks,
Vidyadahr Bhat
From India, Pune
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf