Hi frnds... Can any one tell me when is the interest credited to Recognised PF account taxable in the hands of employee under other source income. Is it interest in excess of 8.5% or 9.5% for AY 10-11... A few books pronounce it as 8.5% while the others do 9.5%... please post your replies.....
interst upto 9.5% is exempt as per income tax act.
it is exempt up to 9.5% as per it act 1961 & employer cont. int. taxable in the head of salary & employee cont. int. in the head of other sources
Interest in excess of 9.5% in case of Employer Contribution is taxable in the hands of employee under the head Income from other sources
if interest crosses 9.5% per annum it should taxable.
Interest in excess of 9.5% is Taxable.
Shaswat initial support private limited
Ahmedabad
CS
View Details
CAclubindia
