Understanding Voluntary PF Contributions: Is More Than 12% Possible and Taxable?

Hi, I need some help with the case. If the employee is contributing more than 12% to the PF account as VPF, for example, 100% of his basic and DA assuming his basic is higher and he is not concerned about the take-home pay:

1. Can this situation be possible?
2. Will the amount contributed above 12% be taxable (assuming interest and employer contribution are involved)?
3. Why is 12% mandatory?

Thank you.

An employee can contribute 100% of their wages as VPF. There is no tax for either the 12% or on the entire contribution. The entire amount shall be considered for tax exemption. As per PF norms, 12% is mandatory on the full basic or limited to ₹780/-.

Thank you indeed for the valuable inputs. I also wanted to discuss the percentage set. The questions keep popping up—why 12%? Why not 11% or 14%? Yes, it's a norm, but on what calculations is it set? Is 6500 basic minimum for eligibility and 780 on what parameters? Also, if there would be a tax exemption, can I say I can live my entire life with no in-hand and all in my PF? Saving tax too.