srini (Accounts Officer) (39 Points)
18 August 2016Hi
How much provident fund amount we can consider under 80C?
My question is, can we consider only employee share or both employer and employee share?, what we are deducting while run his/her monthly salary
Please help
Thank You
Srinivas
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 19 August 2016
payment towards PF account during the year, upto Rs. 150,000/- is allowed as deduction under section 80C.
Sandeep shetty
(Sr Accountant)
(292 Points)
Replied 19 August 2016
Hi,
For Employee share of PF Deduction under Section 80C is available. (Upto 150000)
The Employer Share Exempt upto 12% of Basic Salary. Thus Contribution made by employer exceeding 12% shall be added to employee’s salary Income
anil jain
(Partner)
(1067 Points)
Replied 22 August 2016
only employee's contribution is entitled for deduction U/S 80C, no limit, but threshold of section 80 C will apply.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
