| Originally posted by : Somashekhar | ||
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Hi All, I would like to know is there any impact on November 2014 exam in IPCC group 2 Auditing paper due to amendments in company law. If yes please specify. |  |
Refer to the Nov'14 RTP for amendments as per Companies Act, 2013.
| Fund | During Continuity of Job | Upon Retiremen | ||
| Employee’s Contribution | Employer’s Contribution | Interest on Provident Fund | Repayment of sum on retirement, resignation or termination | |
| RPF | Deduction under Section 80C is available. | Exempt upto 12% of Salary. Thus Contribution made by employer exceeding 12% shall be added to employee’s salary Income. | Exempt upto 9.5%. Interest exceeding 9.5% shall be added to employee’s Salary Income. | Nothing is taxable subject to following conditions:
If none of the above conditions are satisfied then:
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| URPF | No deduction under section 80C available | Any amount of contribution is not taxable | Not taxable | Sum received on retirement/ termination comprise of following:Employer’s Contribution and interest there on: Taxable as Salary Income. Employee’s own Contribution : It is not taxable. Interest on employee’s contribution: Taxable as income from other sources. |
| SPF | Deduction under Section 80C is available. | Fully Exempt | Fully Exempt | Fully Exempt |
| PPF | Assessee / Employee can make contribution to PPF, No concept of Employer’s Contribution. Deduction under section 80C available on contribution made. | Amount received (including interest) is Fully Exempt. | ||
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