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Sunday, October 19, 2014

Tax treatment for recognised PF

Tax treatment for recognised PF





1 A recognised Employees' Provident Fund is a scheme approved by an income tax commissioner. It applies to organisations or factories with 20 or more employees.

2 The employer's contribution to a recognised EPF to the extent of 12% of the salary (basic salary + dearness allowance) is exempt from tax. The remaining contribution is added to the employee's income.

3 An employee can claim a deduction of up to `1.5 lakh under Section 80C of the Income Tax Act, 1961, for his own contribution to the EPF.

4 Up to 9.5% of the interest credited to the recognised EPF is exempt from tax. The rest is added to the employee's income.

5 On retirement, the amount received from the recognised EPF is tax-free in the hands of the employee if he has completed five years of continuous service.

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