10(12) of income tax
This query is : Resolved
13 June 2025
Kindly suggest can we claim exemption of epf interest and gpf interest in 10(12) accumulated on epf balance if employee service more than 5 year continuously and balance is greater than 10 lacs in Ay 2025-26 ????
14 June 2025
Yes, you can claim exemption under section 10(12).
19 June 2025
Thanks sir .one more question what are terms and conditions to avail this exemption? Secondly we have deposited 150000 in epf as employee contribution and 25600 by employer contribution during fy 2024-25 and we have received 70800 as interest due to accumulated balance in epfo.For 150000 we have claimed 80 c and my question is can we claim exemption of epf interest of Rs 70800 in 10(12) or not ?
19 June 2025
No need to claim any exemption on interest under section 10(12) in ITR.
19 June 2025
Then under which cases we can claim exemption u/s 10(12)?
19 June 2025
No need to show such income in ITR and claim exemption.
20 June 2025
Means we cant take exemption of epf interest u/s 10(12) if interest is less than 250000 during financial year but if Interest is greater than 250000 during financial year then need to add interest in taxable income.kindly clear confusion
21 June 2025
Yes, you are right...
...
Interest on an employee's contribution to an EPF account above Rs 2.5 lakh in a financial year is taxable.
...
Interest on an employee's contribution to an EPF account above Rs 2.5 lakh in a financial year is taxable.
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