If arrears of salary recieved for last 15 years and same is deposited in PF A/c whether it will be taxable. if yes whether rebate can be claimed.
4 Replies
Vikram Gagneja
(a/c)
(108 Points)
Replied 27 July 2010
mam please tell me first how the full amount is deposited in pf. in pf a percentage of salary is deposited not all salary
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 27 July 2010
U WANT TO DEPOSIT AMOUNT IN PUBLIC PROVIDENT FUND??
IF IT IS SO, THEN THE DEDUCTION WOULD BE ALLOWED UNDER SEC 80C TO THE MAXIMUM OF RS.100,000. FURTHER, AS PER PPF RULE, MAXIMUM CONTRIBUTION IS RS.70000 IN A YEAR FROM SINGLE PERSON.
REGARDS,
MANOJ
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 27 July 2010
Dear Manoj,
All are allowed to deposit amount in PPF . There is no any limit. But here as per PF rules minimum amount Rs. 500/- and maximum amount Rs. 70,000/- allowed for tax exemption per annum, per person.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 27 July 2010
Yes that' what i said. I just mentioned the maxium amount for which deduction should be available u/s 80C. If that person already have the other items for deduction under sec 80C say Rs.50000. Then even is he invested Rs.70,000, he will not allowed to get Rs.70,000 as deduction. He will get maximum PF deduction for Rs.50000 and remaining taxed.
Thus, amount of rebate available is
1. Amount invested in PPF. OR
2. Total 80C deduction alongwith PPF investment,
whichever is higher
subject to the maximum of Rs.100,000.
regards,
Manoj
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