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
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details