Taxation of Interest on Provident Fund | by CA Kushal Soni

All about taxation of interest on provident fund.
Income Tax Act, 1961 (Indian Law) is highly complicated, intense knowledge is require to interpret and understand this law, which has significant impact on lives of all of us. Entire law with circulars, clarifications, rules runs into thousands of pages. With the mission of making Income Tax Act, 1961 understandable in simple manner we have endeavor to continuously generate content that create values to many. Purpose and intent of this channel is to make knowledge of income tax law reachable to maximum tax payers, students, chartered accountants, company secretaries, cost accountants, advocates, etc
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[@veerababuseelam864]

Sir, ur videos always much informative and understandable with easy manner. Ur teaching skills are excellent

[@CAKushalSoni]

Thanks for appreciation !!
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[@ramankumar-ei4lo]

Even as of today, EPFO ​​has neither created a new passbook for taxable / non-taxable contributions nor the interest is credited, also the rate of interest fluctuates. Now , the last date for ITR filing is 31st July 2022. How to file ITR without this PF interest information ?

[@CAKushalSoni]

Yes Sir I agree with you that EPFO has not yet created a new passbook for taxation purpose. File ITR as soon as possible and do not wait EPFO for this information. Do calculation to your best available documents and information.

[@Pavan_A]

Nicely explained.
One query - I have continuously worked for 8 years in a company and resigned in 2016. Since then I am not working anywhere. Last year I have withdrawn my entire PF balance. Please let me know if I have to pay tax for interest earned on the non-contributory part (i.e, after my resignation).

[@CAKushalSoni]

For more information on this write to us at [e-mail]

[@rajlakshmikrishnamurthi6727]

When we file the ITR, this taxable interest is to be shown in 10(11) or 10(12) ? First provisio or second provisio?

[@CAKushalSoni]

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[@gauravgupta8094]

Namaste sir
I have filed revised return for AY 2020-21 on 25 may 2021 , but sir it has not been processed yet . What to do sir

[@CAKushalSoni]

Wait, it will process soon

[@s.k.bansal9821]

Really Thanks for always keep us updated..
Sir, Which ac. balance (taxable bal. or non-taxable bal.) be reduced if an employee withdraws his/her contribution?

[@CAKushalSoni]

If contribution is exceeding the threshold limit then taxable balance is to be reduced otherwise reduce non-taxable contribution.

[@rajupatnaik5471]

Sir,
There is matching contribution to EPF ACCOUNT@12% . Whether limit of 2.5 lacs as in case of private sector includes contribution of both employee & employer. Accordingly, interest accrued is taxable or only employer contribution is taxable?

[@CAKushalSoni]

1. Limit of Rs. 2.5 lakh includes contribution of both employer and employee
2. Interest accrued is taxable as Income from Other Sources
3. Employer contribution will form part of gross salary and taxable under the head Income from Salary.

[@rajupatnaik5471]

@@CAKushalSoni Thank you Sir

[@CAKushalSoni]

@@rajupatnaik5471 You are always welcome.
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[@onkarshinde4424]

In 26AS there is PF withdrawal and sec 192 is mentioned, how to find out which category of provident fund withdrawal it is?

[@CAKushalSoni]

It is withdrawal of PF which is deposited by your employer.
For more information on this write to us at [e-mail]

[@onkarshinde4424]

@@CAKushalSoni mail sent

[@camanojbora406]

is the interest earned on non taxable portion after retirement Taxable under income tax and TDS provision applicable under it ?

[@CAKushalSoni]

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[@himanshumehta2272]

If partial amount of income tax (e.g. Saving Bank interest & FD interest) is not paid in advance by 15th September of financial year, then is it required to pay income tax with additional interest and impose tax by end of 15th March?
@CAKushalSoni

[@CAKushalSoni]

Yes additional interest is applicable on this.

[@himanshumehta2272]

@@CAKushalSoni Suppose, If outstanding "Advanced Tax" is not paid by 15th September, but paid by 15th march of the financial year, then "No additional Interest", right ?

[@CAKushalSoni]

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@@himanshumehta2272

[@alwinmanohar4306]

What is the tax rate on the interest accured on pf keeping the money in the pf account after retirement. withdrawn after 3 yrs.

[@CAKushalSoni]

Slab rate applicable on individuals

[@veerababuseelam864]

Good morning sir, in case of Govt. Employee under NPS scheme, Govt. Contributes @14% and employee contributes @10% of Basic salary +DA. My doubt is for threshold limit of Rs. 5 lakhs in the case of Govt. Employee both the employee and employer contribution considered or only Govt. Contribution @14% is consider for threshold limit of Rs. 5 lakhs. Kindly clarify

[@CAKushalSoni]

Limit of Rs 5 lakh is for provident fund contribution it is not for NPS

[@arunbalukumar1982]

EPF with drawn after 6 years of service where should the amount be shown in the itr and the section. pl explain

[@CAKushalSoni]

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[@Love268]

Shaaandaar

[@CAKushalSoni]

Thanks
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[@kunal2k]

My employer contributes to pf. So, Limit 2.5 lacs is Employee pf + vpf OR employee pf + employer pf + vpf ? Please clarify.

[@CAKushalSoni]

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[@maheshsanwal5674]

If employee contribution is ₹10 lakh and employer contribution is ₹10 lakh than how we will calculate taxable interest

[@CAKushalSoni]

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[@vickypathak2270]

How to include interest amounts in ITR

[@CAKushalSoni]

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[@balwantkulkarni7906]

Income tax kaise kat ta hai

[@CAKushalSoni]

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[@ManishPatel-tu5nk]

Can you provide calculation for non government employee in saral 1 form, how to pick up from pf statement

[@CAKushalSoni]

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[@ramankumar-ei4lo]

Even as of today, EPFO ​​has neither created a new passbook for taxable / non-taxable contributions nor the interest is credited, also the rate of interest fluctuates. Now , the last date for ITR filing is 31st July 2022. How to file ITR without this PF interest information ?