Epf deduction for tds on salary

Employe'sr contribution towards PF is exempt from tax and employee's contribution is eligible for deduction u/s80C to the extent of 12% of salary depending up on type of PF(i.e.,SPF or PPF).

Dear Soumya,

However you didn’t clarified that what scheme you have opted for provident fund I would like to give you extensive information in regard to different Provident Fund Schemes.

There are basically three kinds of schemes available for employees which are:

1. Recognized Provident Fund(RPF)
2. Unrecognized Provident Fund(URPF)
3. Statutory Provident Fund(SPF)

Following table is summary showing tax treatment of provident Fund:

In your case it can be assumed that you have opted for RPF. Therefore employer’s contribution of 1200 which is not more than 12% of Basic salary will be exempted. Employee can claim deduction of 1200 of employee’s contribution u/s 80C.                

Thanks and Regards 

Shreesh Kumar

DEAR SOUMYA G,

IN INCOME TAX EXEMPTION AND DEDUCTION IS TWO DIFFRENCE  CONCEPT.

IF YOU WANT TO TAKE EXEMPTION  BENIFT OF PF WHICH IS YOU WITHDRAWAL FROM YOU PF A/C ,

THAN YOU CAN TAKE BENIFIT U/S 10(11),10(12)

AND IF YOU WANT TO TAKE DEDUCTION BENIFIT AGAINST YOU TAXABLE INCOME THAN YOU CAN DEDUCTION  YOUR WHOLE AMOUNT  ONLY CONTRIBUTE BY YOU ( NOT YOUR EMPLOYEER) U/S 80C 

BUT YOUR PAN CARD SHOUL BE INDIVIDUAL OR HUF

GOOD LUCK