VOLUNTARY CONTRIBUTION TO EPF

This query is : Resolved

Share Report Follow Query Ask a Query

Shikha gupta

Shikha gupta (Querist)
Follow

16 February 2021 AS PER NEW RULES WHETHER THE VOLUNTARY CONTRIBUTION TO PF IS TAXABLE OR NOT?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

16 February 2021 Contribution to PF is not taxable but only interest on excess contribution is taxable.
The Union Budget 2021 has proposed taxing the income on provident fund contributions of over Rs. 2.5 lakh a year. As per clause 5 of Finance Bill 2021, the interest on any contribution above Rs 2.5 lakh by an employee to a recognized provident fund will be taxable from 01 April 2021

Shikha gupta

Shikha gupta (Querist)
Follow

16 February 2021 OK. 2.5 LAKH LIMIT INCLUDES EMPLOYEE SHARE +VOLUNTARY SHARE OF EMPLOYEE ?
WHETHER ONE CAN TAKE AS DEDUCTION U/S 80C IF AMOUNT OF EMPLOYEE SHARE AND VOLUNTARY SHARE IS BELOW 150000

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

16 February 2021 Yes, it includes voluntary contributions.
Yes, deduction can be claimed upto 1.50 lacs.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aniruddha Mody

Rampal Saini

Jitin Aditya Kapur

Amirthalingam

George Innocent

Subscribe Now

VOLUNTARY CONTRIBUTION TO EPF

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA