Dear All,
My Question is whether PF Contribution made by Employer is exempted or deduction available U/S 80C.
Please reply as per your knowledge.
Regards,
Purushottam
CMA Purushottam Deshmukh (Executive Costing) (180 Points)
13 December 2012Dear All,
My Question is whether PF Contribution made by Employer is exempted or deduction available U/S 80C.
Please reply as per your knowledge.
Regards,
Purushottam
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 13 December 2012
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 13 December 2012
as per provision of section 80 c of the income tax act contribution made by employer towards provident fund is not eligible for deduction
CMA Purushottam Deshmukh
(Executive Costing)
(180 Points)
Replied 13 December 2012
So, then Employer PF contribution is taxable under the head Income from Salary ?
Plz reply
thanks
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 13 December 2012
employer contribution in excess of 12% is taxable under the head salary
CMA Purushottam Deshmukh
(Executive Costing)
(180 Points)
Replied 13 December 2012
Thanks for reply..
Plz tell, Employers contribution (which is below 12%) is taxable to Employee or not?
If Exempted, plz tell under which section?
If Deduction is available, plz tell under which section?
Means I want how it will be accounted in regards to payment of Income Tax
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 13 December 2012
hi
please find enclosed file for your kind consideration and refer the table given on page 7
CA Aditya Lahoti
(Chartered Accountant)
(380 Points)
Replied 14 December 2012
Employers contribution (which is below 12%) is exempted u/s 10(11)
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 14 December 2012
Hi
Generally employer contributes upto 12% of Basic & DA, which is included in CTC of employees now a days..
This contribution by employer is not available u/s 80 C to employee, however on the other hand it is not Included in to income of employee.
If PF is withdrawn by employee on leaving company before completion of 5yrs, this amounts stands taxable in employee's hand.
Thanks//Vaibhav
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