Fd created out of pf deposit in saving account
This query is : Resolved
19 February 2017
Hello there...
I am doing audit of an educational institute and they deposit depositors pf balance in saving account opened in SBOP bank in name of respective depositor (teacher) and manager of governing body. They created a FD of the collected balance when lump sum amount reaches 2 or 3 lakhs suppose. Now the situation is whether that teacher whom PAN is given to bank would be eligible for any deduction or they have to pay tax..
Both employer and employee share was deposited into same account...
please answer to my query asap...i'll be obliged if someone did it for me before tomorrow morning..it's really urgent..
thanku...
Priya
I am doing audit of an educational institute and they deposit depositors pf balance in saving account opened in SBOP bank in name of respective depositor (teacher) and manager of governing body. They created a FD of the collected balance when lump sum amount reaches 2 or 3 lakhs suppose. Now the situation is whether that teacher whom PAN is given to bank would be eligible for any deduction or they have to pay tax..
Both employer and employee share was deposited into same account...
please answer to my query asap...i'll be obliged if someone did it for me before tomorrow morning..it's really urgent..
thanku...
Priya
20 February 2017
No PF deduction is available for such deposits u/s 80c. If it is a tax saving deposit made for 5 years then 80c deduction is available.
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