Interest on PF contribution exceeding 2.5L is taxable. The government decides the rate at the end of FY and generally, it gets credited in Nov/Dec, not in Mar. For AY 2022-23 I calculated it myself which stands more than what got credited by EPFO. How to rectify and correct the lower amount to get refund?
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5254 Points)
Replied 25 November 2024
3. Contact your EPFO regional office or the employer's HR department to report the discrepancy.
Also, note that the interest on PF contributions exceeding ₹2.5 lakh is taxable, as you mentioned.
Alok Shukla
(3 Points)
Replied 25 November 2024
I apologize for not being clear in my previous query.
My query is about the ITR filing and filing a late refund.
In Year 2021-22, my PF contribution was more than 2.5 L, So I calculated and filed the return.
Later when EPFO credited the interest, it was less than what I calculated for the ITR.
Please let me know whether I can file a rectification to get the tax refund or not.
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