Dear Saikumar
Appreciate your joining this discussion since we all want to clear this confusion for the benefit of our fraternity.
I am reiterating my views once again to which you may reply pointwise, if possible:
1) Para 29(2) first line itself emphasizes that the "it is employees contribution which shall be equal to employers contribution" & no where vice versa. So if contributions have to be equal , base has to be equal. How can employee contribute on 10k while employer contribute on 6.5k. Either of the one bases can only be considered.
2) Proviso to 29(2) talks only about exceeding the percentage of 10/12% & not about two different basic salaries. In my opinion, it clearly signifies that only ONE base salary is being talked about (whether upto or above 6..5k) & only the employee's percentage on that base salary is subject to increase.
3) Proviso to Para 26-A too emphasizes that "contribution for both member AND employer to be limited to Rs 6500" but nothing about two basic salaries.
4) All said & done, I am looking for a practical calculation sheet which can justify this. Since EPFO software also has provision for only one base salary, there is no way you can input two bases. Hope if you can make a xl & present to clear this point.
Looking forward to your inputs.
Regards
Appreciate your joining this discussion since we all want to clear this confusion for the benefit of our fraternity.
I am reiterating my views once again to which you may reply pointwise, if possible:
1) Para 29(2) first line itself emphasizes that the "it is employees contribution which shall be equal to employers contribution" & no where vice versa. So if contributions have to be equal , base has to be equal. How can employee contribute on 10k while employer contribute on 6.5k. Either of the one bases can only be considered.
2) Proviso to 29(2) talks only about exceeding the percentage of 10/12% & not about two different basic salaries. In my opinion, it clearly signifies that only ONE base salary is being talked about (whether upto or above 6..5k) & only the employee's percentage on that base salary is subject to increase.
3) Proviso to Para 26-A too emphasizes that "contribution for both member AND employer to be limited to Rs 6500" but nothing about two basic salaries.
4) All said & done, I am looking for a practical calculation sheet which can justify this. Since EPFO software also has provision for only one base salary, there is no way you can input two bases. Hope if you can make a xl & present to clear this point.
Looking forward to your inputs.
Regards