Sec 80C / Sec 7
This query is : Resolved
06 April 2009
Suppose employer is contributing 20% of salary to Reco EPF.
Thus u/s 7 - 8% will added as deemed taxable salary to employee (Being 12% of Salary is exempt)
Now if this 8% is added in income and it being deposited into Reco EPF, it should qualify for deduction u/s 80C.
But I assume it is not so. Why ?
Thus u/s 7 - 8% will added as deemed taxable salary to employee (Being 12% of Salary is exempt)
Now if this 8% is added in income and it being deposited into Reco EPF, it should qualify for deduction u/s 80C.
But I assume it is not so. Why ?
chetan soni
(Expert)
06 April 2009
As per PF Act obligation on employer to contribute is only 12%.Over & above 20% will be considered as prequisite as per income tax act & be taxable as income in hands of employees.
Please note that employers contribution shall not be count for investment u/s 80C. Only employees contribution will be counted for investment whatever may be the contribution rate.
Please note that employers contribution shall not be count for investment u/s 80C. Only employees contribution will be counted for investment whatever may be the contribution rate.
Guest
Guest
(Expert)
06 April 2009
Rightly said....only employees cont is counted.
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