PF calculation - as per the new guidance, where we have to calculate 12 % on which of the allowances?

How we can calculate PF in the salary sheet as per the new guidance, where we have to calculate 12 % on which of the allowances?

In short, as had been laid out earlier, the SC, in its current judgment, has held that allowances which are made universally, ordinarily and necessarily to all employees across the board or to all employees in a particular category/grade will fall within the definition of 'basic wages' for the purposes of computation of provident fund contributions.

As per the new Code, in the definition of "wages", the components such as House Rent Allowance, Overtime Allowance, Commission, Travel allowance are excluded. Therefore, liability of
contributions of employees and employers under EPF Act shall be reduced.
(Same applies to ESI Act also).