Pls clarify contribution to EPF more than 250000 p.a.then interest will be taxable.
Or interest on employee contribution to EPF if exceeds Rs 250000 p.a.will be taxable.
Which one is correct?
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Contribution EPF
Replies (3)
Quick Summary
In order to rationalise tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of ₹2.5 lakh," says the budget document.- inter st earn d on the 250000 is not tax exempt as proposed
Matter not clear. Whether Interest amount will be taxed only in the first year or Interest on Interest of such contribution which have already suffered tax on the first year will also be taxed in the subsequent interest income?
@ Debashish Ghosh
The beauty of ambiguity is such: the above question, both mean the same. Sometimes clients and customers make fun of advisors. Work in a bpo to understand the heights of stupidity.
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