In this post, we will see the latest circular from the Ministry of Labour & Employment, Government of India about the calculation and deduction of taxable interest related to contribution in Provident Fund exceeding specified limit of Rs. 2.5 Lakh shall be part of taxable income. Came into force on 1st April 2022, for the FY 2021-22.
For the complete list, visit – Notification of Calculation & Deuction of PF
Below, you can see the official circular.
EPFO, HEAD OFFICE
MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA
BHAVIHYSA NIDHI BHAWAN,14, BHIKAIJI CAMA PLACE, NEW DELHI 110066
WSU / 6(1) 2019 / Income Tax / Part-I (E33306)
All Addl. CPFC (Zones),
All Regional P.F Commissioners
Incharge of Regional offices.
Sub: Calculation and deduction of taxable interest relating to contribution in Provident Fund exceeding specified limit – regarding
Ref: Ministry of Finance Notification G.S.R 604(E) dated – 31.08.2021
In pursuance of the notification issued by Department of Revenue (CBDT) dated 31st August 2021, the interest relating to contributions in a Provident Fund, exceeding specified limit of Rs. 2.5 Lakh shall be part of taxable income of the subscriber.