P.f.contribution

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2014 Sir
If P.F.contribution of employee as well as employer is deposited in separate bank a/c and not deposited in P.F.department of GOVT.
Can 80 c deduction for P.F.own contribution is eligible or not?

@VaibhavJ

@VaibhavJ (Expert)
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18 January 2014 Hi

Can you elaborate more!

Thanks

@VaibhavJ

@VaibhavJ (Expert)
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18 January 2014 Hi

Can you elaborate more!

Thanks

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 January 2014 well as far as the employee is considered, he will claim the deduction under 80C. However, the employer is in for big problem if he is not depositing the PF contributions as per law.

Dilip Kumar Agarwal

Dilip Kumar Agarwal (Expert)
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19 January 2014 To qualify deduction under section 80c, the employee must be a member of recognised provident fund trust or a member of employees provident fund scheme. In either case, employee's share of contribution to a maximum of 12% shall qualify for deduction under section 80C of Income Tax Act. In such case even if employer does not deposit the deducted PF alongwith its own contribution to Trust or EPFO of which employee is member but deposit in a bank account, employee will get the deduction but if employee is not member, he will not get the benifit of deduction under section 80C.

Dilip Kumar Agarwal

Dilip Kumar Agarwal (Expert)
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