P F Deduction under 80c
This query is : Resolved
29 March 2009
PF DEDUCTION U/S 80C FOR BELOW CASES :
1) Whether Employers contribution towards PF is fully deductable u/s. 80c. ????
2) Pls. highlights rules of PF ( Emloyee & Employers Part under I.T. Act)
1) Whether Employers contribution towards PF is fully deductable u/s. 80c. ????
2) Pls. highlights rules of PF ( Emloyee & Employers Part under I.T. Act)
30 March 2009
Employers contribution towards RPF is fully deductable u/s. 80c
30 March 2009
employer contribution:
[Section 17.] "Salary", "perquisite" and "profits in lieu of salary" defined
For the purposes of sections 15 and 16 and of this section,—
(1) "Salary" includes—
(i) wages;
(ii) any annuity or pension;
(iii) any gratuity;
(iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
(v) any advance of salary;
2[(va) any payment received by an employee in respect of any period of leave not availed of by him;]
(vi) the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule; and
employee contribution
Section 80C(2)(iv)
a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies; is allowed as deduction
[Section 17.] "Salary", "perquisite" and "profits in lieu of salary" defined
For the purposes of sections 15 and 16 and of this section,—
(1) "Salary" includes—
(i) wages;
(ii) any annuity or pension;
(iii) any gratuity;
(iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
(v) any advance of salary;
2[(va) any payment received by an employee in respect of any period of leave not availed of by him;]
(vi) the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule; and
employee contribution
Section 80C(2)(iv)
a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies; is allowed as deduction
30 March 2009
Only Employee's contribution towards RPF is fully deductable u/s. 80C
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