Hi,
I have an EPF account and in this account company also Deposits Employer Share. Suppose in my EPF account Employee Share is 2000 and Employer Share is 1459 deposited by company and rest 541 deposited into Pension fund. Now I want to know that, how much money can I show under 80C in Income Tax. Can I show Employee Share + Employer Share + Pension fund in my Income Tax Return file under 80C? or only Employee Share can be shown in my Personal Income tax return?
Please let me know....
Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments.
Hence you can claim Rs.2000/- as deduction.
Only Employee's contribution is deductiable from salary u/s 80C, in your case Rs. 2000/-, employer's contribution upto 12% of salary is exempted.
Triveni Turbine Limited
Bengaluru
CA
View Details
CAclubindia
