Regarding epf
ramesh kumar
(Querist) 30 May 2013
This query is : Resolved
please inform that 1.the rule of epf contribution on whole of the salary is applicable or yet under consideration.
2.please also inform that it is applicable upto salary of 6500/- pm.but if any employee who was getting less salary till last year and was registered with epf organisation,if his salary exceeds 7000/- then whether his contribution to epf become optional.
3. if his salary is less than 6500/- and if he do not wish to get his epf deduction then what are options.
thanks.
ramesh kumar
KUMAR JAGADEESAN
(Expert) 30 May 2013
Dear Mr.Ramesh
(1) As per EPF Act and Scheme PF contribution is always with reference to basic and DA if any. All other allowances have to be ignored even for finding whether the employee comes under the exemption limit of Rs.6500/-
(2).When you say salary I take this amount is only basic plus DA and if this exceeds Rs.6500 during a year , the employee shall continue to be a member and the employer shall contribute his share limiting the pay to Rs.6500 only.
(3). No option if the establishment is covered under EPF
J.KUMAR
Advocate
Sankaranarayanan
(Expert) 30 May 2013
you get the answer from the bellow link
http://members.epfoservices.in/index.php
Raj Kumar Makkad
(Expert) 30 May 2013
The deduction shall now be made on entire salary. This is latest amendment applicable with effect from the salary of April 2013 payable on 1st May.
Raj Kumar Makkad
(Expert) 30 May 2013
There shall not be consideration of less or more salary rather the deduction is now compulsory.
KUMAR JAGADEESAN
(Expert) 01 June 2013
Dear Shri.Makkadji
Thanks for the info. But to my knowledge as on date there has been no change in the salary limit of Rs.6500/ for EPF contribution. However I am given to understand that the increase is on card as the Govt. intends to enhance the limit to Rs.15000/- We will have to wait for amendment and notification yet
J.KUMAR
Advocate
ramesh kumar
(Querist) 26 August 2013
my question is regarding partnership firm.two partners running a business.if one partner want to become non working partner for one year,in which, heads he can take money or in which heads he can be paid money from firm,except a profit share and interest on capital .such head should be such that it should not effect capital account of non working partner.
thanks.
Ramesh
Sankaranarayanan
(Expert) 26 August 2013
normally the amount of payment taken by the partners from the firm under the head of partners remuneration.
