The Complexity of Indian Provident Fund (PF)
Calculating PF is not as simple as deducting 12% from the salary. The Employees' Provident Fund Organisation (EPFO) has complex rules regarding "Restricted Basic Wages". If an employee's basic salary exceeds ₹15,000, do you deduct PF on the full amount or restrict it to ₹1,800?
A true statutory compliance payroll software understands these nuances. AccoNova allows HR admins to configure PF calculation logic at the company level. You can choose to restrict the employer contribution while allowing voluntary provident fund (VPF) for the employee, ensuring 100% adherence to EPFO mandates without manual intervention.