Urgent PF
This query is : Resolved
CA Sumit Tayal
(Querist)
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
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
(Expert)
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
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
Message likes :
1 times
13 May 2010
Completely agree with Richa Madam.
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
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
(Querist)
13 May 2010
Thanks
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