Exemption limit for interest received on pf accumulation
This query is : Resolved
rajesh kelavkar
(Querist)
09 March 2013
What is the rate of interest on PF accumulation exempted for income tax (section 10(11))and under which notification?
Santosh Mishra
(Expert)
09 March 2013
Interest credited on the balance to the credit of the employee in so far as it is allowed at a rate exceeding such rate as may be fixed by Central Government. [w.e.f. 1-9-2010 rate is fixed at 9.5% - Notification No. SO 1046(E), dated 13-5-2011].
So any interest credited over 9.5% is taxable as salary.
So any interest credited over 9.5% is taxable as salary.
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09 March 2013
As interest rate is never above 9.5% for many years so virtually it means that entire interest earned on PF balance is TAX FREE.
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