General Provident Fund (Central Services) Amendment Rules, 2022. – Ceiling of 5 Lakh of GPF subscription
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(Department of Pension and Pensioners’ Welfare)
New Delhi, the 15th June, 2022
G.S.R. 96.—In exercise of the powers conferred by the proviso to article 309 and clause (5) of article 148 of the Constitution, and after consultation with the Comptroller and Auditor-General of India in relation to persons serving in the Indian Audit and Accounts department, the President here by makes the following rules further to amend the General Provident Fund (Central Services) Rules, 1960, namely:-
1. Short title and commencement.—(1) These rules may be called the General Provident Fund (Central Services) Amendment Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
Read also: Calculation of Income Tax on Interest of GPF on contribution above Rs. 5 Lakhs
2. In the General Provident Fund (Central Services) Rules, 1960 (herein after referred to as the said rules) In rule7, in sub-rule (1), after the second proviso, the following proviso shall be inserted, namely:—
“Provided that the sum of the monthly subscriptions during a financial year together with the amount of arrear subscriptions deposited in that financial year shall not exceed the limit as specified in the second proviso to clause (b) of sub-rule (1) of rule 8,.
3. In rule 8 of the said rules —
(a) in sub-rule(1), in clause(b), after the proviso, the following proviso shall be inserted, namely:— “Provided further that the sum of monthly subscriptions in a financial year shall not exceed the threshold limit referred to in sub-clause (i) of clause (c) of the Explanation below sub-rule (2) of rule 9D of the Income Tax Rules, 1962”;
(b) in sub-rule(4),—
(1) The first proviso shall be omitted;
(2) In the second proviso, the word ‘further’ shall be deleted;
(c) after sub-rule (4), the following sub-rule shall be inserted, namely:—
“(5) The amount of subscription fixed under sub-rule(3) or reduced or enhanced under sub-rule (4) shall be subject to the minimum and maximum limits specified in sub-rule(1)” ;
(d) in rule 10 of the said rules in sub-rule (3), after the proviso, the following proviso shall be inserted, namely:-
“Provided further that the sum of the monthly subscriptions during a financial year together with arrears of subscription and the interest thereon recovered in that financial year shall, in no case, exceed the limit as specified in the second proviso to clause (b) of sub-rule (1) of rule 8”.
[F. No.3/6/2021-P&PW (F)]
SANJOY SHANKAR, Dy. Secy.
Note: – The principal rules were furnished in the Gazette of India, vide notification S.O. 3000, dated the 1st December 1960 and last amended vide number G.S.R 234 (E), dated the 28th March 2014.
1. SO No 1814 dated 18.06.1988
2. SO No 2002 dated 02.09.1989
3. SO No 710 dated 04.03.1990
4. SO No 3006 dated 17.11.1990
5. SO No 3272 dated 08.12.1990
6. SO No 146 dated 20.03.1993
7. SO No 377 dated 10.02.1996
8. SO No 379 dated 10.02.1996
9. SO No 3228 dated 23.11.1996
10. SO No 826 dated 25.04.1998
11. SO No 2500 dated 05.12.1998
12. SO No 2690 dated 16.09.2003
13. SO No 1485 (E) dated 30.12.2003
14. SO No 3682 dated 15.10.2005
15. SO No 1529 dated 06.06.2009
16. SO No 2689 dated 22.09.2009
17. SO No 2869 dated 03.10.2010
18. SO No 3091dated 25.09.2012
19. SO No 234 (E) dated 28.03.2014
Ceiling is Only for the monthly subscription not for total in your account.
Ceiling is for annual contribution. Total subscription in 2022-23 should not exceed 5 Lakhs. That is what I understood.
I was contributing 100000 per month in the current year. Suddenly, my employer has informed that they will not take further contribution this year since the 500000 limit has crossed. In the Union budget it was told that the interest earned beyond the contribution of 500000. I am confused. Please clarify the situation.