WebApr 13, 2024 · Section 80C of the Income Tax Act is basically allows certain expenditures and investments to be exempt from tax. If you plan your investments well and spread … WebAug 14, 2024 · EPF Tax Benefits: The employer contribution to your EPF is tax-free, and your contribution is tax-deductible under Section 80C of the Income Tax Act. Employee’s Pension Scheme (EPS):
Does PF Come Under 80C? - Vakilsearch
WebFeb 21, 2024 · However, for FY 2024-21, if you choose to continue with the existing tax regime, then you are eligible to claim tax-break on the EPF contributions made by you under section 80C of the Income-tax Act. On the other hand, if you choose to opt for the proposed new tax regime, then you have to forgo 70 tax-exemptions and deductions which include … WebApr 12, 2024 · Under Section 80C of the Income Tax Act, 1961, employees are eligible for tax benefits of up to Rs.1.5 lakh. The interest that is generated from these contributions is also exempt from tax. However, in case the rate of interest is more than 9.50% p.a., the amount will be taxable. Interest rate of a VPF hallsville jr high tx
Section 80C of Income Tax: What it is & How to Save Tax?
WebJul 18, 2016 · My employer is adding his contribution on EPF in my gross salary and also in deduction which comes under 80C. After adding the employer's contribution in my gross salary my income slab crosses ₹5 lakh. - Mohit Sharma. The employer may count his PF contribution to you as your gross salary. But in the EPF, the employer's contribution is … WebFor all who fall under Indian Tax System: When it comes to filing taxes, the two main options available are the old or new tax regime. Depending on your… WebEmployees’ Provident Fund comes under Section 80C of the Income Tax Act. Therefore, even the earnings from this EPF scheme are exempt from taxes. Therefore, there are many benefits of making an EPF contribution. What is the Eligibility Criteria for EPF? burgundy one piece bathing suit