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Deduction under sec.80c
How much amount of PF contribution is qualified for 80C deduction (for employee), if employer is deducting 21% from employee's salary.Is there any fix percentage of employee's contribution for claiming 80C deduction (As in case of interest on PF)
Replies (2)
I think PF is not link with percentage of salary
you can claim upto 150,000/- under section 80C
Interest of PF is exempt under section 10
Contribution to EPF would mean from employee and employer at the prevailing rate and per prescribed rules. Currently @ 12% of Basic and the basic which is now raised @ 15000/- per month; In case of basic >15k per month..voluntary pf (from employee) may be opted for.
80C maximum exemption cap would remain at 1.5Lacs as prevailing and epf is one of such composition subject to employee share only (not employer share). employee share is non-taxable as such. Employer share is further seggregated into EPF and EPS (8.33%).
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