J S BHAVSAR (CONSULTING) (1288 Points)
20 August 2021As per Finance Act, 2021 interest accruals on the excess of employee's own annual contributions over Rs 2.5 lakh to EPF and Voluntary PF made post-April 1, 2021 are now taxable.
Suppose employee EPF + VPF per year outgo is Rs 3 Lakh. This leads to Rs 50,000 excess deposit.
How will the interest of Rs 50000 get calculated, then get offered as additional income and then get taxed?
JGM
(Knowledge Sharer)
(443 Points)
Replied 02 September 2021
Recently, cbdt had issued a notification on this. Refer rule 9D
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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