Dear All,
EPF dedcution is up to 6500 only.
the rules as follows.
1.If your Basic+D.A is more than 6500. (For Exampel-6600)it depends on Employer to continue with employee or not.(Means employer can colse the dedcution after 6500)
2.If employer has pay over 6500 the Pension porsen will can be dedcuted only on 6500.
3. VPF:- there is a provision of VPF in the EPF Msic Act 1952.
Vpf can be dedcuted 100%
But there is a provision in Factory act 1948
That No dedcution can be made more than 50% of The gross salary,Either it is Advance,loan,EPF,ESI,VPF or many more dedcution.
Atleast the employee have to somthing in his hand to Eat.
From India, Ghaziabad
3EPF dedcution is up to 6500 only.
the rules as follows.
1.If your Basic+D.A is more than 6500. (For Exampel-6600)it depends on Employer to continue with employee or not.(Means employer can colse the dedcution after 6500)
2.If employer has pay over 6500 the Pension porsen will can be dedcuted only on 6500.
3. VPF:- there is a provision of VPF in the EPF Msic Act 1952.
Vpf can be dedcuted 100%
But there is a provision in Factory act 1948
That No dedcution can be made more than 50% of The gross salary,Either it is Advance,loan,EPF,ESI,VPF or many more dedcution.
Atleast the employee have to somthing in his hand to Eat.
From India, Ghaziabad
Dear Sir,
I do not agree with the later part i.e. voluntary contribution to one's PF needs consent of the concerned area PF commissioner. When I was in service, I have many times one time savings in my PF account voluntarily to save income tax. When the ceiling of Rs.1 lakh was reached, it was stopped. The concerned Area PF commissioner never intervened. I may make it clear here that our PF was maintained by a Trust and not by the PF office. But we were following the same rules. I think this needs further discussion and valuable inputs by retired PF officers who are now on the citehr.
From India, Pune
I do not agree with the later part i.e. voluntary contribution to one's PF needs consent of the concerned area PF commissioner. When I was in service, I have many times one time savings in my PF account voluntarily to save income tax. When the ceiling of Rs.1 lakh was reached, it was stopped. The concerned Area PF commissioner never intervened. I may make it clear here that our PF was maintained by a Trust and not by the PF office. But we were following the same rules. I think this needs further discussion and valuable inputs by retired PF officers who are now on the citehr.
From India, Pune
Dear Mr. Shyam Agarwal
Regarding the enhancement and reduction of Voluntary Higher contribution I have earlier checked up with the local PF AC, who told that reduction of the enhanced V. higher contribution needs the prior consent of their department. They told that they keep track of the higher contribution members separately and that it was not like a SB account to put money as and when desired at their will. In fact as per procedure the V. higher contributing member has to submit a declaration to the PF Office at the first time, which is not being insisted nowadays.
Regarding pension fund it is the Management's contribution and if it contributes for salary more than Rs.6500/= the excess contribution beyond Rs.6500/= (i.e.,Rs.541/=) is transferred to PF account of the member.
M.Venkatraghavan
From India, Selam
Regarding the enhancement and reduction of Voluntary Higher contribution I have earlier checked up with the local PF AC, who told that reduction of the enhanced V. higher contribution needs the prior consent of their department. They told that they keep track of the higher contribution members separately and that it was not like a SB account to put money as and when desired at their will. In fact as per procedure the V. higher contributing member has to submit a declaration to the PF Office at the first time, which is not being insisted nowadays.
Regarding pension fund it is the Management's contribution and if it contributes for salary more than Rs.6500/= the excess contribution beyond Rs.6500/= (i.e.,Rs.541/=) is transferred to PF account of the member.
M.Venkatraghavan
From India, Selam
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SALARY with out PF Deduction.xls
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