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Is PF Interest Deduction Made Before Crediting to Account?

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 08, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by KP on Nov 07, 2024Hindi

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Please let me know if the 10% deduction on the extra interest on PF, which exceeds 2.5 lakh, is made before it is credited to the PF account.

Ans: Hello;

TDS will be deducted on the same date when interest is credited to your EPF account.

Best wishes;

Asked on - Nov 27, 2024 | Answered on Nov 27, 2024

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Thank you

Ans: You are welcome!

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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in PF is interest above 300000(3 lacs) is taxaable or not superanuation amount is 17 lacs how much tax to be paid

Ans: From FY 2021-22, if employee’s contribution to an EPF account is more than Rs 2.5 lakh in a year; interest on contribution above 2.5 lakh is taxable in the hands of the employee.

If person receive superannuation on retirement, 1/3rd of the commuted amount and amount transferred to an annuity will also not be taxable. If any the amount is withdrawn, it is taxable in the hands of the employee.

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Asked by Anonymous - Aug 28, 2024Hindi

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Hello Sir! My PF contribution (including VPF)exceeds the 2.5 lakhs limit meant for a private sector employee for tax exemption on the interest earned. Interest earned on the excess amount above 2.5 lakhs, has been taxed at 10% by the PF authorities. Do I have an additional tax liability on the interest earned (under income from other sources) as my tax bracket is 30 percent?

Ans: 01. PF authorities can not tax you in any way. They may have deducted some amount as TDS. While filing your ITR declare this excess amount of Interest, pay income tax on the same & also claim TDS credit, if it has been deducted by any authority.
Most welcome for any further clarifications. Thanks.

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