Urgent PF
This query is : Resolved
13 May 2010
Dear Sir
My company deduct both PF (employee & employer) from my salary because of CTC
can i take deductions u/s 80c of both PF
Plz Reply
Regards
Sumit Tayal
My company deduct both PF (employee & employer) from my salary because of CTC
can i take deductions u/s 80c of both PF
Plz Reply
Regards
Sumit Tayal
13 May 2010
Dear Sumit,
Employers contribution is exempt in the hands of employee and employee gets deduction u/s80C of his own contribution to PF.
So you cant claim a deduction twice. Since employers contribution is not taxable you are already getting exemption.
regards,
CS Richa Sharma
Employers contribution is exempt in the hands of employee and employee gets deduction u/s80C of his own contribution to PF.
So you cant claim a deduction twice. Since employers contribution is not taxable you are already getting exemption.
regards,
CS Richa Sharma
Message likes :
1 times
13 May 2010
Completely agree with Richa Madam.
13 May 2010
Hi Sumit,
Employer contribution to PF is exempt from Income Tax. So, u can take only the employee contribution to PF as deduction u/s 80C coz u cannot claim deduction for an exempted amount.
Regards
CA. Phani Kumar Ganti
Employer contribution to PF is exempt from Income Tax. So, u can take only the employee contribution to PF as deduction u/s 80C coz u cannot claim deduction for an exempted amount.
Regards
CA. Phani Kumar Ganti
13 May 2010
Thanks
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