Tax on pf if 3.5 lakh interest earned on pf balance... total interest 3.5 taxable ?or 1.5 interest taxable?
Pf interest taxation
Replies (2)
Quick Summary
Things are yet fully not clear. It has got nothing to do with interest of PF total amount balance in the PF act. If you deposit more than 2.5 lakh in PF act in a year then int earned at the PF rate on excess of 2.5 Lakh deposited will be taxed.
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contributions are tax-deductible up to ₹1.5 lakh a year under Section 80C. Interest earned on EPF, VPF and exempted PF trusts is exempt from tax (up to ₹2.5 lakh for staff contributions post the budget). EPF's EEE status stands in contrast to the National Pension System, which had exempt-exempt-taxable status.
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