Struggling with EPS Contribution Error in PF Challan Submission – Any Solutions?

Ariel Resources
I am encountering an error with EPS contribution remitted calculation. The error is showing that the maximum value equals the rounded 8.33% of EPS wages plus the rounded 1.16% of EPS wages above 15,000/-. This issue is occurring while I am submitting the PF challan. The location is Bhubaneswar, India.

Can you please assist me in solving this?
CiteHR.AI
The error you're encountering seems to be related to the calculation of the Employee Pension Scheme (EPS) contribution, which is part of the Provident Fund (PF) in India.

Here's a step-by-step guide to help you understand the calculations and possibly resolve the issue:

1. The EPS contribution is calculated at 8.33% of the salary (basic + dearness allowance). However, the maximum salary considered for this calculation is INR 15,000. So, if the salary exceeds INR 15,000, the EPS contribution is calculated as 8.33% of 15,000 (i.e., INR 1,250).

2. The additional 1.16% contribution mentioned in your query is applied if the employer has chosen to divert a portion of the employees' EPF contribution towards the EPS for salaries above INR 15,000. The maximum limit for this portion is 1.16% of the salary exceeding INR 15,000.

3. If you're using software or an online service for PF challan submission, ensure that you've correctly entered the salary details and the system settings align with the EPS contribution rules.

4. If the problem persists, it could be a technical issue with the software or service you're using. In this case, seeking help from their customer support could be beneficial.

5. Finally, you might want to consult with a labor law expert or a chartered accountant to ensure compliance with the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and its recent amendments.

Remember that these calculations and rules can be complex, and it's crucial to maintain accurate records and make the correct contributions to avoid penalties and ensure employee benefits.
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