Income tax provident fund rate

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hello friends,

I am confused on the intrest rate exempt upto in case of RPF.

and also tell in november 2011 attempt which rate will be applicable.

detailed help would be grately appriciable

Replies (5)

Provident fund rate applicable for Nov -11 exams is 9.5%.

Notification No.24/2011 is issued in suppression of Notification No.69/2010 dated:26.8.2010 and notified 9.5% as interest rate on RPF, excess of it would be taxable as salary.

please refer DT RTP for Nov-11 (28th page) you can understand with an example.

Provident fund rate applicable for Nov -11 exams is 9.5%.

Notification No.24/2011 is issued in suppression of Notification No.69/2010 dated:26.8.2010 and notified 9.5% as interest rate on RPF, excess of it would be taxable as salary.

please refer DT RTP for Nov-11 (28th page) you can understand with an example.

but in girish ahuja it is given that intrest credited in excess of 8.5% will be treated as salary

I think that book may not be updated because new Notification No. 24/2011 is issued in March 2011 itself and as you know notifications upto 30.4.2011 are applicable for exams.....

refer the date of printing of book before you buy one. some books may have second edition for same year...

hi

the notification no. 24/2011 is issued on 13.05.2011 and since it is in suppression of the notification issued on 26.08.2010, it will be applicable for nov attempt as per rtp regardless of the fact it is issued after 30 april 2011

so the rate of provident fund interest is 9.5%


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