Hi !
Under what section of Income Tax Act 1961 is "Employee's provident fund " annual interest exempted ?
This I'm asking so that the exact section of "Exempted Income " can be selected from drop down list.
Thanks
8 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 01 November 2021
It is exempted under section 10(11).
please like my reply if you are satisfied, so that I will be motivated to answer more.
please like my reply if you are satisfied, so that I will be motivated to answer more.
sabyasachi mukherjee
(27574 Points)
Replied 02 November 2021
ANNUAL INTEREST CREDITED IN ANY PROVIDENT FUND ACCOUNT IS EXEMPTED UNDER SEC 10 (11) .
SEC 10 (11 A) IS ALSO APPLICABLE AND SHALL NOT BE INCLUDED IN THE TOTAL INCOME OF THE ASSESSE. AS A RESULT THE INTEREST ACCRUING ON DEPOSITS IN AND WITHDRAWALS FROM THE ACCOUNTANT WOULD BE EXEMPTED.(SUKANYA SAMMRIDDHI ACCOUNT)
The accumulated balance due and becoming payable to an employee participating in a recognised provident fund is slow exempted sec 10 (12A)
SEC 10 (11 A) IS ALSO APPLICABLE AND SHALL NOT BE INCLUDED IN THE TOTAL INCOME OF THE ASSESSE. AS A RESULT THE INTEREST ACCRUING ON DEPOSITS IN AND WITHDRAWALS FROM THE ACCOUNTANT WOULD BE EXEMPTED.(SUKANYA SAMMRIDDHI ACCOUNT)
The accumulated balance due and becoming payable to an employee participating in a recognised provident fund is slow exempted sec 10 (12A)
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 02 November 2021
Agree with above comment
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