Pf deducted & reimbersed in the same year
This query is : Resolved
Sumiti Jain
(Querist)
16 March 2013
Assessee had Private job in which his PF was deducted. Now he got the Govt. Job and PF deducted from pvt. job is reimbursed ( before 5 years). While filing his ITR whether he is eligible for PF deduction under section 80 c or not
and what is the tax treatment of amount received from PF a/c?
and what is the tax treatment of amount received from PF a/c?
Santosh Mishra
(Expert)
17 March 2013
It is taxable and tax treatment would be as under:
Employee’s Contribution- Exempt from Tax
Interest on employee’s contribution – Taxable under the head Income from other sources.
Employer’ s contribution and interest thereon- Taxable as Profits in lieu of Salary.
Yes he is eligible for deduction under 80C for PF contributions made during current financial year.
Employee’s Contribution- Exempt from Tax
Interest on employee’s contribution – Taxable under the head Income from other sources.
Employer’ s contribution and interest thereon- Taxable as Profits in lieu of Salary.
Yes he is eligible for deduction under 80C for PF contributions made during current financial year.
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