Hi frnds... Can any one tell me when is the interest credited to Recognised PF account taxable in the hands of employee under other source income. Is it interest in excess of 8.5% or 9.5% for AY 10-11... A few books pronounce it as 8.5% while the others do 9.5%... please post your replies.....
6 Replies
CA Babit Khurana
(learning is my passion)
(338 Points)
Replied 09 April 2010
It is taxable in the year of credited and interst upto 9.5% is exempt as per income tax act,1961 there is no change of rate for A.y. 2010-11.
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 09 April 2010
interst upto 9.5% is exempt as per income tax act.
CA Mohit kumar jain
(Searching Source of Money)
(149 Points)
Replied 10 April 2010
it is exempt up to 9.5% as per it act 1961 & employer cont. int. taxable in the head of salary & employee cont. int. in the head of other sources
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 10 April 2010
Interest in excess of 9.5% in case of Employer Contribution is taxable in the hands of employee under the head Income from other sources
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 10 April 2010
if interest crosses 9.5% per annum it should taxable.
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