Pf deducted & reimbersed in the same year
This query is : Resolved
Sumiti Jain
(Querist)
16 March 2013
Assessee had Private job in which his PF was deducted. Now he got the Govt. Job and PF deducted from pvt. job is reimbursed ( before 5 years). While filing his ITR whether he is eligible for PF deduction under section 80 c or not
and what is the tax treatment of amount received from PF a/c?
and what is the tax treatment of amount received from PF a/c?
Santosh Mishra
(Expert)
17 March 2013
It is taxable and tax treatment would be as under:
Employee’s Contribution- Exempt from Tax
Interest on employee’s contribution – Taxable under the head Income from other sources.
Employer’ s contribution and interest thereon- Taxable as Profits in lieu of Salary.
Yes he is eligible for deduction under 80C for PF contributions made during current financial year.
Employee’s Contribution- Exempt from Tax
Interest on employee’s contribution – Taxable under the head Income from other sources.
Employer’ s contribution and interest thereon- Taxable as Profits in lieu of Salary.
Yes he is eligible for deduction under 80C for PF contributions made during current financial year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- ETDS return q4 25-26
- Import Order Cancelled.
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
