80 c deduction -PF Contribution

This query is : Resolved

balaji (Querist)
Follow

10 February 2011 Friends,
Whether last 2 years Employees contribution can be claimed as a deduction for the current year under section 80C of IT act?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

10 February 2011 no.... only current year's employees contribution can be claimed in 80C.

Guest

Guest (Expert)

10 February 2011 If it was deducted in the current year.

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

10 February 2011 yes,if it is deducted in the current year, you can

The purpose of 80C section giving deduction on eligible investment on payment basis. Payment made under the specified schemes during the previous year are qualified for deduction, regardless of the fact whether the payment relate to this previous year or years preceding year or following the previous year.

Guest

Guest (Expert)

14 February 2011 Do you have still any doubt.