Interest on PF deposit above 2.5 lacs

201 views 3 replies

As per new amendment to PF rules, any interest paid on contribution above 2.5 lacs is taxable in the hands of assesses. This seems to be applicable from FY 2021-22.

Now interest for FY 2021-22 has not yet been credited by EPFO, neither has any TDS been deducted on that. This interest gets credited in the month of Feb of next financial year i.e for FY 2021-22, it will get credited in Feb'23. In such a scenario, how do we show interest in the ITR for FY 21-22? Should we wait till interest gets credited and take this income in the year 22-23. 

Replies (3)

Either Based on 8.1% interest rate declared for FY 2021-22, calculate the interest on due basis & file return.

Or you will need to revise the return as and when the interest will be declared.

 

TDS is going to come only in the next year...Shouldn't we take income also in that year. Wont we have to show income again in the next year again to claim TDS benefit.

TDS will be deducted for interest paid for FY 2021-22, so it will not be considered in next year, if you have declared it in this year.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details