Query on Provident Fund Deduction in Income Tax.
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Hi All,
Today while checking the tax section in my company website, I see that the Provident Fund deducted from Salary is considered in 80C deduction.
I was in the assumption that 80C 1.5L is seperate and PF deductions are seperate while claiming deductions in ITR.
Please correct me if I am wrong.
Today while checking the tax section in my company website, I see that the Provident Fund deducted from Salary is considered in 80C deduction.
I was in the assumption that 80C 1.5L is seperate and PF deductions are seperate while claiming deductions in ITR.
Please correct me if I am wrong.
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https://www.desidime.com/comments/permalink/10302766
https://www.desidime.com/comments/permalink/10311312
All answers are correct. Its part of 80C
View 2
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https://www.desidime.com/comments/permalink/10302873
PF deduction in salary slip comes under 80C - 1.5L deduction only, say you have PF deduction as 3k per month then it will 36k - 1.5L = 114k balance left for 80C deduction..
https://www.desidime.com/comments/permalink/10302945
All provident/pension funds come under 80C limit.
https://www.desidime.com/comments/permalink/10302953
Also note interest earned on pf + vpf contributions exceeding 2.5 lakh in year is taxable as well
https://www.desidime.com/comments/permalink/10303379
I wonder if there is any particular class of tax payees for whom
the old regime is beneficial?
the old regime is beneficial?
View 5
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https://www.desidime.com/comments/permalink/10303813
Employer contribution is not added to 80C. Only your contribution will be added to 80C.
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Provident Fund deducted is indeed part of Section 80C