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Q. > Please Help: Employees provident fund
If the employer deduct contribution towards E.P.F. with a higher amount exceeding with maximum limit of Rs.6500 but later somehow they come to know that he was contributing more amount than the max limit and he reduced it to Rs.6500 then after retirement whether the employee will get with more amount of EPF as paid by employer for such period ?
answered Jun 22, 2011 by PRIYANKA , GREATER NOIDA
Hello akshay, it would have been better if u wud have mentioned some more details about this situation..but as per the present querry raised by you, though i agree with sachin that for income tax purpose amount in xcess of maximum limit wud be disallowed, but in this case even employee will not get the benefit of excess amount deposited..In any case employee will get only 24% PF at the time of retirement, 12% employees share and 12% employers share, benefit of any excess amount deposited in EPF account by the employer would not pass on to the employee.
answered May 19, 2013 by Vikash Kumar Jha , Cuttack
If employer deducted exces EPF , should be deposited epf account and they will get as per EPF act provision at the time of retirement.
Experts Panelist
Comments
CA. Sachin Data
18-Jun-2011 , 02:23:40 amLogically, the answer should be affirmaive because that amount has actually been deposited in the EPF a/c of the employee. For the pupose of allowance of that expenditure (i.e. amount in excess of maximum limit)under the IT Act, the amount might be disallowed but the same shall not cause a change to the fact that amount has actually been deposited into the respective a/c of the employee.