P F Deduction under 80c
This query is : Resolved
Amit Lipare
(Querist)
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)
C A GROUP COACHING
(Expert)
29 March 2009
Yes
CA Nitin Wadhwani
(Expert)
29 March 2009
Employee's Contribution is eligible for deduction u/s 80-C and not employer's contribution.
Manmohan ACA, CS
(Expert)
30 March 2009
yes Employers contribution towards PF is fully deductable u/s. 80c.
[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
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
yes Employers contribution towards PF is fully deductable u/s. 80c.
[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
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
CA Nitin Wadhwani
(Expert)
30 March 2009
"a contribution by an individual"-This is employee's contribution and not employer's contribution.
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Deepak Goel
(Expert)
30 March 2009
A contribution by an individual in Employees Provident Fund is eligible for deduction u/s 80C of the Income Tax Act but any contribution made by employer is not eligible for deduction u/s 80C.
14 September 2016
Correct. EPMLOYER CONTIBUTION IS NOT A 80CC RELIRF TO EMPLIYEE.
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