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of <h1>Finance Bill 2016: Caps Employer Provident Fund Contributions, Allows Balance Transfer to Pension Scheme under Section 80CCD</h1> Clause 112 of the Finance Bill, 2016, amends Part A of the Fourth Schedule to the Income-tax Act, effective April 1, 2017. It modifies Rule 6 by capping employer contributions to a recognized provident fund at the lesser of 12% of an employee's salary or 150,000 rupees, subjecting excess contributions to tax. Additionally, Rule 8 is amended to include a provision allowing the transfer of an employee's entire credit balance to a pension scheme under section 80CCD, as notified by the Central Government. These changes apply from the assessment year 2017-2018 onward.
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