Hello Sir
I am working in college and my salary is Rs. 50000/- monthly.
provident fund of Rs 3600/- per month is deducted in my salary. In which my contribution is 1800 / - per month and the contribution of the owner is 1800 / - also I voluntarily get it deducted from my salary.
So now I want to know that now how much exemption of provident fund will I get in income tax?
1800/- per month i.e. 21600/- will be exempted in income tax or 3600/- per month i.e. 43200/- will be exempted?
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How Much take deduction of Employee Provident fund in income tax
Replies (3)
You can claim deduction of employee share in 80c only. employer share is not allowed as deduction and also it will not become part of your income under the head salary.
21600 will be exempted
Your own share of PF will be exempted i.e., Rs. 21600
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