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Haren

Accountant

106 Points Posted on 09 August 2021

Suppose Mr A Earning Groos salary 2,30,500.00 for the F.y. 20-21 from XYZ Company. For this F.Y (20-21) purpose XYZ Company deduction PF 19320 & PTax 1560.00 from Mr A salary and XYZ Company also itself paid PF 20930.00 to Mr. A EPF A/c . Mr. A also earning as per (PF Statement) Rs. 12100.00 Yearly Interest from EPF .

Please Calculate Actual Income which show in Income tax.

Replies (4)

Quick Summary

This discussion explains how to calculate your actual income for income tax purposes, using Mr. A's salary as an example. It clarifies that EPF interest earned should be included in your taxable income. You'll need to refer to your Form 16 and EPF statements to accurately report your gross salary, company PF contributions, and any interest earned to ensure correct filing of your Income Tax Return (ITR).

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 09 August 2021

Show actual salary received under ITR and P.tax deducted should also be shown

Tushar Chhabra

Assistant Manager

72 Points Posted on 09 August 2021

Please refer form 16 issued by your employer or employers to you.

For interest amount, please download interest certificate or ask your bank to issue interest certificate of all accounts.

form 16 amount is reported by your employer to IT department and interest amount is reported by banks to IT department.

Both these figures will be final unless there is any mistake by your employer or bank