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harsh (Querist)

15 August 2011 is provident fund also under taxable, if yes then whats the bracket and assessment year, and under what head?

same is the question with Gratuity?

A women earning 20k in hand salary, with a deduction of pf and other medical's, means 240000 in hand per year, does she falls under tax bracket of 10%. means 24k tax (hope calculated correctly of the amount, correct me if i am wrong as i was thinking 240000 - 190000 = 50000 & giving 5k as tax LOL)Moreover, if consideration of tax is 24k is there a way to save out tax?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

15 August 2011 no exempt under 10(11)

for GRTUITY rule to b followed. under 10(10) further detail required.

and tax 5000 wala concept is right.

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harsh

harsh (Querist)

15 August 2011 what is 10(11)

is it totally exempted? means no declaration for the same in any heads for further returns

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

15 August 2011 if in salary then to be shown under salary head.but exempted of employee contribution only.

and 10(11) is section under int on PF is exempted not PF.

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