Dear Friends,
Kindly consider this query: "In one employee's case, his PF wage is 20,000. We are contributing based on that wage, with the pension fund restricted to 541, and the remaining funds transferred to the provident fund. Here, we need to consider contributions to the Pension Fund (account code 1) and the Pensionable Wage (account code 10), as well as the EDIL wage (account code 21). Can we restrict contributions to 6,500 for EDIL and the administration (account code 2)?
I am looking for a suitable answer without complications from the PF Authority.
With regards,
Naresh
From India, Hyderabad
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8Kindly consider this query: "In one employee's case, his PF wage is 20,000. We are contributing based on that wage, with the pension fund restricted to 541, and the remaining funds transferred to the provident fund. Here, we need to consider contributions to the Pension Fund (account code 1) and the Pensionable Wage (account code 10), as well as the EDIL wage (account code 21). Can we restrict contributions to 6,500 for EDIL and the administration (account code 2)?
I am looking for a suitable answer without complications from the PF Authority.
With regards,
Naresh
From India, Hyderabad
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Dear Madhu sir,
As you said, I restricted EDIL @6500. However, the accounts team has objected to this restriction. They are inquiring about the specific section in the EDIL Act that mandates the restriction. Could you please clarify if there is a clause in the EDIL Act that supports this restriction? Additionally, it would be helpful to understand the reasoning behind the restriction.
Kindly provide valuable information on this matter.
With Regards,
Naresh
From India, Hyderabad
Acknowledge(0)Amend(0)
As you said, I restricted EDIL @6500. However, the accounts team has objected to this restriction. They are inquiring about the specific section in the EDIL Act that mandates the restriction. Could you please clarify if there is a clause in the EDIL Act that supports this restriction? Additionally, it would be helpful to understand the reasoning behind the restriction.
Kindly provide valuable information on this matter.
With Regards,
Naresh
From India, Hyderabad
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