Epf contribution u/s80c
This query is : Resolved
Thamotharan S
(Querist)
03 October 2013
There is Employer and Employee Contribution to EPF.
1. Are Both eligible for 80C Deduction?
2. 780/-p.m for 12 months i.e 9360/-. Can i take for 80C deduction Rs.9360X2=18720/- ?
1. Are Both eligible for 80C Deduction?
2. 780/-p.m for 12 months i.e 9360/-. Can i take for 80C deduction Rs.9360X2=18720/- ?
03 October 2013
Hey
Only employees contribution is exempted!!
Thanks!!
Only employees contribution is exempted!!
Thanks!!
Message likes :
1 times
Nikhil Kaushik
(Expert)
04 October 2013
No.. you can claim only 9,360.
Message likes :
1 times
Thamotharan S
(Querist)
04 October 2013
I have no doubt about Employee's Contribution on PF.
But Employer Contribution is also my Salary , I have included my gross salary and am Paying Tax on this (excess of 12%) that portion is also invested on behalf of me.
So, Why dont i take it for Sec 80C deduction?
But Employer Contribution is also my Salary , I have included my gross salary and am Paying Tax on this (excess of 12%) that portion is also invested on behalf of me.
So, Why dont i take it for Sec 80C deduction?
04 October 2013
Hi,
Employers contribution is not part of your Gross Salary but it is part of CTC.
Also employers contribution is 100% tax free, it is not taxed & added to your income by any means.
You can check your Form 16 for that.
Thanks!!
Employers contribution is not part of your Gross Salary but it is part of CTC.
Also employers contribution is 100% tax free, it is not taxed & added to your income by any means.
You can check your Form 16 for that.
Thanks!!
CA Pallav Singhania
(Expert)
04 October 2013
The contribution by employee is eligible for deduction u/s 80C.
Employer’s contribution is not taken for deduction purpose.
Employer’s contribution is not taken for deduction purpose.
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