Interest on employer's contribution to recongnised provident fund is exempt upto 8.5% or 9.5%???
which rate is applicable for may 2011 exam??
is any difference in rate in tax and law paper???
Tell me both the rate?? and is any amendment in law?? if yes then give me??
| Originally posted by : Sasanka Bhalaki | ||
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hai dude..9.5% is given exemption.. |
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No its 8.5 %. It is applicable for may 2010. And m preety sure about it, dont think anymore about 9.5%
i think people must be proprely awared about the query before posting there answer, it may misguide anyone
Upto 31/08/2010 ----- 9.5% is exempt & from 1/9/2010 ----- 8.5% is exempt.
U will have to consider both in your quest.
| Originally posted by : G.N.JHA | ||
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Hey u all are confused me . . . Now which rate is apllicable?? Suppose total intt. Rs12000 recd. @ 12 cent i.e. Exmption allowed upto Rs. 8917. Is i m right?? |
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in the above case the exemption will be 8500 n the bal of 3500(12000 - 8500) will be taxable in the hands of employee...
| Originally posted by : kritika poddar | ||
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Originally posted by : G.N.JHA Hey u all are confused me . . . Now which rate is apllicable?? Suppose total intt. Rs12000 recd. @ 12 cent i.e. Exmption allowed upto Rs. 8917. Is i m right?? in the above case the exemption will be 8500 n the bal of 3500(12000 - 8500) will be taxable in the hands of employee... |
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yes 8.5% for year... but if the same interest was received in 2010-2011 then the exempt amt will be 9.5%till 31.08.2010 n there after 8.5%... thus if the above question is related to 2010-2011 then the amt of exempt will be 8916 (3958 + 4958)...
the amt 3958 came by applying (9500 X 5) / 12
the amt 4958 came by applying (8500 X 7) / 12
| Originally posted by : kritika poddar | ||
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yes 8.5% for year... but if the same interest was received in 2010-2011 then the exempt amt will be 9.5%till 31.08.2010 n there after 8.5%... thus if the above question is related to 2010-2011 then the amt of exempt will be 8916 (3958 + 4958)... the amt 3958 came by applying (9500 X 5) / 12 the amt 4958 came by applying (8500 X 7) / 12 |
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