WebJan 4, 2024 · PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). WebTax exemption on the interest earned, contributions, and the returns: Same as General Provident Fund: Deposit Limit: The minimum is 6% of the employee’s salary; Maximum is 100% of the employee’s salary; Maximum 12 deposits are allowed in a year; Rs.500 is the minimum contribution per year; Rs.1.5 lakh is the maximum contribution per year ...
6 Tax Deductions Seniors Might Not Know About - Yahoo Finance
WebFeb 15, 2024 · 4) Employees’ Provident Fund (EPF): Employees’ contribution to the EPF account is eligible for deduction under Section 80C. Employer’s contribution is also tax free but it is not eligible for deduction under Section 80C. Tax on Returns: EPF interest rate is tax free. However it becomes taxable when you leave service at an EPF … WebApr 4, 2024 · The total contribution to the provident fund account during the FY 2024-22 is ₹ 3 lakh. Hence, ₹ 2.5 lakh EPF contribution will be credited to the non-taxable account, and ₹ 50,000 will be ... is dark urine normal
TDS on withdrawal from EPF - Section 192A - CAclubindia
WebSep 13, 2024 · The Tax is deductible under Section 192A of the Act,1961 @10% of the “Taxable Premature Withdrawal”. If the recipient is resident, surcharge/health and … WebThe deduction is available under section 80C. Provident fund is a kind of security fund in which the employees contribute a part of their salary and the employer also contributes on behalf of their employees. Section 10 (11) and 10 (12) of the Income Tax Act defines the exemption on the amount added to the provident fund. WebEmployee Contribution. Your contribution towards PF can be claimed as a deduction under Section 80C. Since, the maximum deduction allowed under section 80C is Rs. 150,000, therefore that is the maximum you can contribute. It is mandatory to contribute 12% but you can choose to contribute more, which will be deducted from your salary. is dark urine a symptom of covid 19