amendment to section 10(12) of the income tax act, 1961

Manoj BG (Tax Professional and in Service)   (1795 Points)

13 September 2010  

Dear Friends,


As per Existing section 10(12), interest accrued on PF account of the employees upto 9.5% and employer's contribution upto 12% of salary is exempt. New notifications has been isssued no 69/2010 by the ministry of finance for reducing interest rate.. As per the Notification 69/2010, interest accrued to PF account of employee not exceeding 8.5% would be exempt u/s 10(12). For u'r confirmation, U can also visit income tax department site.

notification no.  is 69/2010 dated 26th august, 2010