Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

sec 80 c

qarni (student) (1220 Points)

17 February 2008

is employees contribution eligible for deduction u/s 80c?
plase reply imm.

Reply
Follow
Share

10 Replies

qarni (student) (1220 Points)
Replied 17 February 2008

pls

Upgrade to CAclubindia Pro. Subscribe Now!

qarni (student) (1220 Points)
Replied 17 February 2008

and employers contribution also

(Guest)

yes employees cont is eligible for deduction U/s 80C

M.Sriram Shenoy (CA Final) (814 Points)
Replied 17 February 2008

Employee is eligible to claim deduction in respect of his portion of contribution to PF under sec.80C. As regards Employer's, to my knowledge, he cannot claim deduction.

qarni (student) (1220 Points)
Replied 17 February 2008

thanx

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

employer will take his share as business expendtiure which is allowable.u/s 37 of the income tax act. thanks correct me if i am wrong .

S S Subashanmugam (Student) (24 Points)
Replied 08 March 2008

hi...u r partially right...U/S 10 (11) employer's contribution to PF is exempted...Also U/S 10(12),in case of contribution to recognised PF,up to 12% it is exempted...

Arpit Jain (management trainee) (26 Points)
Replied 08 March 2008

emplyee's contribution to rpf is eligible for deduction u/s 80C subject to overall limit of Rs. 1 lac and there is no other limit. Employer's contribution up to 12% of salary is not taxable in the hands of employee and employee cannot claim any deduction in respect of such contribution. Where contribution is in excess of 12%, such excess becomes taxable in the hands of the employee and in respect of this excess amt he can claim deduction u/s 80C.