Deductions u/s 80c or exempt u/s 10

This query is : Resolved 
 

(Querist)
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 (Querist)
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 (Querist)
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 (Querist)
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).



You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :






× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x
  SHARE THIS