Great confusion please help

HELLO CCI MEMBERS,

I HAVE BEEN FACING GREAT CONFUSION IN TAXATION. ON RPF INTREST EXEMPTION RATE. IN GIRISH AHUJA IT IS GIVEN THAT IT WILL BE EXEMPT UPTO 8.5% AND IN EXCESS WOULD BE INCLUDED IN GROSS SALARY. 

I WANT TO KNOW EXACTY IS IT 8.5 % OR 9.5% 

AND WHAT RATE WOULD BE APPLICABLE FOR NOVEMBER 2011 ATTEMPT IPCC.

BECAUSE IN GIRISH AHUJA 25TH EDITION ASSESSMENT YEAR 2011-12 QUESTIONS ARE SOLVED WITH 8.5 %

PLEASE HELPPPPPPPPP

Replies (10)

excess of interest over 9.5% is taxable.

it is given in V.K.SINGHANIA

Interest credited to RPF:

Exempt from tax if rate of interest does not exceed notified rate of interest

(i.e., 9.5 % before september 1,2010 and 8.5 % with effect from September 1 , 2010 )

excess of interest over notified rate of interest is taxable

 

Source : Vinod K. Singhania

45th edition 

2011-12
 

in V.K.singhania it is given 8.5%

44th edition A.Y. 2011-2012

yes. it depends on the dates as was mentioned earlier

 

Long awaited notification now released. Govt has notified exemption on interest rate on EPF to 9.5 % . Earlier EPFO has declared 9.5 % interest rate for Fy 2010-11,but in income tax act rate notified was Just 8.5 % so as per act 1% additional interest was taxable in hands of Employees but after this notification Interest earned from EPF is full exempted.


 

i think it is 9.5%                                                                     

i think for nov 2011 attampt we should adopt 8.5% , every body pls share their own views on this issue. bcoz realy it is confusing

for nov 2011 , wich rates we need to follow is it  2011-12 assesmnet year rates?

Hey hi sanju @ whch rates applicable for may2011 is applix same for nov 2011 also.....nthg 2 worry abt amendaments whats al for may is same 4 nov.....al d best

ya this is of great confusion but i think it is 8.5% because in latest editions questions are solved with 8.5%

any other views please post

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
23 July 2026
CA Inter

Vikram Jadhav and Company

Pune

CA Inter

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 28 July 2026
Article/Intern/Semi-Qualified/Fresher B.Com

VNSS & Co

Mumbai

Others

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details