[aaykarbhavan] PF Contribution capped at Rs.6,500 [1 Attachment]

Dear All,
The Provident Fund Office has allowed companies to cap their monthly Provident
Fund contribution to employees at Rs. 6,500. At present, companies
contribute an amount equal to at least 12 per cent of an employee's
basicsalary towards his/her PF.
Now, when an employer deducts and deposits Employees' PF contributions upon
more than the prescribed salary, it can be reduced to Rs. 6,500 per month
and in that event, section 12 of the Employees' Provident Funds &
Mis-cellaneous Provisions Act providing bar for not reducing wages will not
be attracted unless the terms of the employment specifically provide so.
The full text of the circular is enclosed.
Hope you find the update useful.
*Note: The above update is just for reference. User discretion and
professional assistance is highly recommended before acting on the above.*
Warm Regards,
*CA. Pravesh Kumar M Pravesh* *Kumar & Associates*| *Chartered Accountants*
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*Best Wishes*




*CA. V.M.V.SUBBA RAOChartered Accountant*
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
http://vmvsraoco.icai.org.in/






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Warm Regards


*"Team" CA.Nitesh More* | FCA, |


Visit our blog: caniteshmore.blogspot.com


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Posted by: Nitesh More <moreassociate@gmail.com>
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