Is employer pf deduction available under new tax regime ..pls give answers with respect to before budget and after budget in new tax regime
Is employer pf deduction available under new tax regime
assessee (...) (546 Points)
06 February 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170293 Points)
Replied 06 February 2023
Yes, Employers' contributions to their employee's NPS and EPF and superannuation accounts are applicable for tax exemption. However, the contributions made in a financial year to all the employee accounts should not be above ₹ 7.5 lakh to qualify for the tax exemption.
Under both tax regimes the deduction is available, be it before budget, or after amendment.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)