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
Message likes :
2 times
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
Message likes :
1 times
21 November 2011
Agree With Prakash.
and PPF Exempt U/s 10(11).
and PPF Exempt U/s 10(11).
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- DIN reactivation
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Condonation . E-Verification of last year return .
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
