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Deductions u/s 80c or exempt u/s 10 (Income Tax)

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This query is : Resolved



( Author )
21 November 2011

Is Interest accrued on Public Provident Fund, Interest accrued on NSC, Employer's Contribution to Pension Fund upto 12%.. exempt u/s 10 or is allowed as deduction u/s 80C..


CA Navin Jain

( Expert )
21 November 2011

ONLY INTEREST ACCRUED ON NSC IS TAXABLE, HENCE SAME WILL BE ALLOWED AS DEDUCTION UNDER SECTION 80C


Praveen

( Author )
21 November 2011

Thank you Sir,
Please tell me the treatment of Int. on PPF,
and Employer's contribution to PF


CA Navin Jain

( Expert )
21 November 2011

its not taxable, if amount is not taxable when no deduction.


Praveen

( Author )
21 November 2011

As you say its not taxable.. Can you please tell me under which section it is exempt..


CA Navin Jain

( Expert )
21 November 2011

under sec 10


Praveen

( Author )
21 November 2011

In case of Employer's Contribution to PF
INCOME FROM SALARY:
Employer's Contribution to PF xxx
Less: Exempt u/s 10 xxx

In case of Interest accrued on PPF and NSC
INCOME FROM OTHER SOURCES:
Interest accrued on PPF xxx
Less: Exempt u/s 10 xxx

In case of Interest accrued on NSC
INCOME FROM OTHER SOURCES:
Interest accrued on NSC xxx
The same amount is claimed as deduction u/s 80C

Is the above treatment correct..

Plz reply


Prakash Tolani

( Expert )
21 November 2011

it is ok.
PPF interest is fully exempt u/s 10

NSC Interest is taxable income from other source and allowed as deduction u/s 80C

Employer contribution to PF is exempt upto 10% of salary, exceeding part is taxable under the head salaries but exceeding part is not allowed as deduction


CA AYUSH AGRAWAL

( Expert )
21 November 2011

Agree With Prakash.
and PPF Exempt U/s 10(11).


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