Urgent PF

This query is : Resolved

CA Sumit Tayal (Querist)
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13 May 2010 Dear Sir

My company deduct both PF (employee & employer) from my salary because of CTC

can i take deductions u/s 80c of both PF

Plz Reply

Regards
Sumit Tayal

CS Richa Sharma

CS Richa Sharma (Expert)
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13 May 2010 Dear Sumit,

Employers contribution is exempt in the hands of employee and employee gets deduction u/s80C of his own contribution to PF.

So you cant claim a deduction twice. Since employers contribution is not taxable you are already getting exemption.

regards,
CS Richa Sharma

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 May 2010 Completely agree with Richa Madam.

PHANI

PHANI (Expert)
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13 May 2010 Hi Sumit,

Employer contribution to PF is exempt from Income Tax. So, u can take only the employee contribution to PF as deduction u/s 80C coz u cannot claim deduction for an exempted amount.

Regards
CA. Phani Kumar Ganti

CA Sumit Tayal

CA Sumit Tayal (Querist)
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13 May 2010 Thanks