WebApr 12, 2024 · 12 April 2024 Effective 1 April 2024, any interest on an employee's contribution to EPF upto INR 2.5 lakhs per year is tax-free and any interest earned on a contribution over and above INR 2.5 lakhs is taxable in the hands of the employees. The threshold of INR 2.5 lakhs is increased to INR 5 lakhs in case the employer is not … WebJul 18, 2016 · After adding the employer's contribution in my gross salary my income slab crosses ₹5 lakh. The employer may count his PF contribution to you as your gross …
Additional voluntary contributions and tax revisited. - LinkedIn
WebTreatment of Provident Fund for Income Tax purpose : Exempt up to 12% of salary. Excess of employer’s contribution over 12%of salary is taxable. Exempt from tax if rate of interest does not exceed notified rate of interest; [ i.e. 9.5%] excess of interest over notified rate of interest is taxable. WebAug 16, 2024 · As per the announcement made in Budget 2024, if an employer's total contribution to the EPF, NPS and superannuation fund exceeds Rs 7.5 lakh in an FY, then the excess contribution will be … redistribution of power
KWSP - Self Contribution - Employees Provident Fund
WebJul 17, 2024 · Here are the ten points that you need to know about EPF: Any interest on contributions made towards EPF of an employee only remains tax-free for contributions of up to ₹ 2.5 lakh a year ... WebMar 10, 2024 · Employer’s contribution of up to 12% of salary to EPF is not taxable in the hands of the employee. Any contribution by your employer beyond 12% of your basic + dearness allowance is taxable in your hand. NPS –Employer’s contribution to NPS-Tier I can be claimed as a tax deduction under section 80CCD (2). WebJun 6, 2024 · Explained: How EPF’s taxable and non-taxable accounts will work Employees contributing over Rs 2.5 lakh to their EPF account will feel the pinch of tax on interest on the excess amount... redistribution of moments in beams