Deductions u/s 80c or exempt u/s 10
This query is : Resolved
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..
21 November 2011
ONLY INTEREST ACCRUED ON NSC IS TAXABLE, HENCE SAME WILL BE ALLOWED AS DEDUCTION UNDER SECTION 80C
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21 November 2011
Thank you Sir,
Please tell me the treatment of Int. on PPF,
and Employer's contribution to PF
Please tell me the treatment of Int. on PPF,
and Employer's contribution to PF
21 November 2011
its not taxable, if amount is not taxable when no deduction.
21 November 2011
As you say its not taxable.. Can you please tell me under which section it is exempt..
21 November 2011
under sec 10
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
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
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
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
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21 November 2011
Agree With Prakash.
and PPF Exempt U/s 10(11).
and PPF Exempt U/s 10(11).
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