Rationalisation of Schedule XI relating to Provident Funds

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....s and Miscellaneous Provisions Act, 1952 and the Employees' Provident Fund Scheme, 1952. In view of the evolution of the provident fund regulatory regime and the introduction of an absolute monetary cap on employer contributions under section 17(1)(h) of the Act, it is proposed to rationalise and align the income-tax provisions governing recognised provident funds with the prevailing EPF framework....

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....iscretionary relaxation of employer-employee contribution parity based on a salary threshold of Rs.500 or contingent bonus structures. As a unified monetary ceiling of Rs.7.5 lakh on aggregate employer contributions has been prescribed under section 17(1)(h), it is proposed to omit Paragraph 4(c). 5. The provisions of paragraph 6(a) of Part A of Schedule XI deem employer contributions in excess o....