Dear Sir,
we are contributing PF more than 1800 per month as employer contribution, do we need to include this for tax computation.
for example,
employee CTC per month is 50K
EPF Contribution employer 5K
Gross will be 45K
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in this case we are considering 45k as his salary income is that correct
or 50K
Employer contribution is not considered in iTax Return of Employee.
Employee contribution is allowable deduction under 80C in the Return of Employee
Employer contribution is an allowable expenditure in the return of Employer.
For return of employee - Employee CTC p.m. is 50000/- .
(Reply as I understood the query)
CAclubindia
