Sir while taking PF amount u/s 80c for ITR-1, weather we haveto take both the employee and employer contribution in deduction?
example Employer contributed 20000 and employees contribution 20000. now can we take 40000( 20000+20000) as deduction in 80c.
Employee’s Contribution: Deduction under Section 80C is available.
Employer’s Contribution: Exempt up to 12% of Salary. Thus Contribution made by employer exceeding 12% shall be added to employee’s salary Income.
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