Provident fund.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2013
Hi..
I have 3 quaries please clarify it.
1)If Company is deducting both employers and employees contribution to PF from employees then how much that employee can get deduction under section 80C.
2)Is there any concept like company is deducting gratuity from employees every month and make the payment later.
3)Can Company can deduct employers share of PF from employees.
I have 3 quaries please clarify it.
1)If Company is deducting both employers and employees contribution to PF from employees then how much that employee can get deduction under section 80C.
2)Is there any concept like company is deducting gratuity from employees every month and make the payment later.
3)Can Company can deduct employers share of PF from employees.
17 February 2013
1. Employee can claim deduction only for his/her share of the contribution
2. there is no such concept. but companies often do that (depending upon the cash position) and bear the interest cost for the same)
3. Let me answer this one practically. The Private sector companies work on a CTC model which includes the employer's contribution to PF. So all in all, the employer deduct his/her contribution out of your CTC only. However, the company cannot to the same in form of a deduction from your take home salary.
2. there is no such concept. but companies often do that (depending upon the cash position) and bear the interest cost for the same)
3. Let me answer this one practically. The Private sector companies work on a CTC model which includes the employer's contribution to PF. So all in all, the employer deduct his/her contribution out of your CTC only. However, the company cannot to the same in form of a deduction from your take home salary.
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