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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 pls tell me in form 16 the amt of epf includes employer contribution also or not???? pllsss rep.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 July 2013 In form 16 PF contribution considered under 80C is the employee contribution only.

Under 80C employee contribution only eligible for deduction

Employer contribution is exempted from tax, hence not eligible for deduction u/s.80C
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 thank u sir, so do i fill the amt given in form 16 for pf deduction u/s 80c?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 July 2013 Yes. you can take full deduction of total EPF amount which given in form 16, 80C column subject to Rs. l lakh
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 thanks alot sir, & when we can take deduction u/sec 80c for mutual fund investment? nd what to do when we redeem it???
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 July 2013 Incase mutual funds setup under deduction of 80C you can take. when redeem before the prescribed time limit, it will be taxable
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 NAHI SIR M ASKING, IN WHICH YEAR WE AVAIL DEDUCTION? IN YEAR OF TAKING IT ONLY OR IN SUBSEQUENT YEARS ALSO??
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 July 2013 Only year of purchase you can avail the deduction, not for further years.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 OK THANK U SIR....

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