- As per budget changes provided by government for the FY 2021-22 Indian payroll, In order to rationalize tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on Employees Contribution to various provident funds to the annual contribution of 2.5 lac Rupees.
- This restriction shall be applicable only for the contribution made on or after 01.04.2021.
- Is there any solution referring to the taxable interest on PF for more than Rupees two lacs fifty thousand?
- Rationalisation of Taxfree Income on Provident Funds
- Interest accrued on Employee contribution to PF in excess of Rs 2.5 Lakhs shall be taxable and TDS shall be deducted as per the Finance Act 2021 on such PF Interest
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