01 March 2016
RECENT BUDGET CONTAINS PROVISION FOR TAXATION OF PF ACCUMULATION @60% OF CORPUS BUILT FROM EMPLOYEE'S CONTRIBUTION AFTER 1.04.2016 AT THE TIME OF WITHDRAWAL/RETIREMENT. THIS IS BASED ON EXEMPT EXEMPT TAX (EET) SUPPOSE IF AN INVESTOR HAS NOT CLAIMED TAX BENEFIT UNDER 80C-BECAUSE HE EXHAUSTED RS 1.5 LAKH TAX EXEMPTION LIMIT THROUGH OTHER INSTRUMENTS LIKE PRINCIPAL OF HOUSING LOAN,INSURANCE POLICIES,TUITION FEES OF CHILDREN-IT WILL AMOUNT TO DOUBLE TAXATION. WHETHER IT IS EXEMPTED UNDER THE ABOVE CIRCUMSTANCES I REQUEST EXPERTS TO CLARRIFY V.L.NARASIMHAN BCOM,ACA
05 March 2016
sir, i have clearly asked if i do not include EPF single paise IN 80C, During my life time,whether it is taxable at the time of retirement / withdrawal since iam filling 80c with housing principal of Rs 1 lakhs, tuition fees of Rs75000/-,LIC premium of Rs50000 during my life tenure.Sec 80C is having lot of cafeteria items exhaustively & not only EPF
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