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Recognised provident fund - Taxability
Provident fund deductions is taxable under which head and is there any deductions available ?
Replies (6)
80C deduction
Query is not clear. Deductions are provided to reduce tax liability.
Provident fund deductions from pvt company is taxable under which Head ?
It is deducted under chapter VI A and it is 80C deduction
Employer's PF contribution to the extent of 12% of salary is exempt and anything above the limit is taxable under the head salary.
Employee's contribution can be claimed as deduction u/s 80C.
Though the query is still not clear to me, I have tried my best to reply. Hope this what the query is about.
Agree with Poornima ji
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