In our office some employee's basic salary is one lakh , sixty, fifty thousand i.e above ceiling limit of EPF ( Present ceiling limit is 15000/-)
Presently we are deducting employee side PF 12% on basic Rs.12000/- ( basic Rs.100000/- )
and 8.33% for pension fund employer side on 15000/- Rs. 1800/-
and Rest of amount ( 12000- 1800 = 10200 ) 10200/- We again deposited in PF on employer side
My question is - If employee basic+ D.A salary is above ceiling limit , then can we cancel depositing PF.
In nutshell can we stop being a member of Provident fund organisation. If yes, we can save employer contribution & also administration charges also.
CAclubindia
