Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

PF Contribution Exceeded Limit: Additional Tax Liability?

T S Khurana |473 Answers |Ask -Follow

Tax Expert - Answered on Sep 04, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 28, 2024Hindi

Listen

Money

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.

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.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |1054 Answers |Ask -Follow

Tax Expert - Answered on Sep 09, 2022

Question by Ashok - Sep 09, 2022Hindi

Listen

Money

2. I retired in FY19-20 & due withdraw My PF in FY 22-23. I liable to pay tax on interest earned on PF for FY 22-23? The PF trust of my organisation is exempted establishment & recognised by IT dept.

Ans: Any payment from a provident fund is exempt u/s 10(11). However, as Interest is earned after retirement and in the absence of specific provision, it can be subject to litigation.

Mihir Tanna |1054 Answers |Ask -Follow

Tax Expert - Answered on Apr 01, 2023

Question by azad - Feb 24, 2023Hindi

Listen

Money

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.

Latest Questions

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Question by Simmi - May 19, 2025

Career

Which institute is better for b.tech in cse,placement wise,vit vellore or pes bangalore?

Ans: PES Bangalore (placement-wise).

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Question by Manish - May 19, 2025

Career

Which one should I prefer VIT Vellore CSE in catagory 4 or Robotics & Artificial intelligence in Thaper Patiyala ?

Ans: Go for Robotics & Artificial intelligence in Thaper Patiyala

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Asked by Anonymous - May 19, 2025

Career

Sir I am getting Cse at Thapar and Cse financial technology at MIT Manipal? (will be participating in josaa with 98.669 percentile but still Which one is better) ? Location no problem and same with the expense

Ans: Go for Cse at Thapar

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Asked by Anonymous - May 19, 2025

Career

My niece is getting ECE in SRM KTR campus , JIIT noida and GL bajaj Noida. Which one of them is best for ECE. She is from Delhi

Ans: Go for SRM-KTR

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Asked by Anonymous - May 19, 2025

Career

Can you tell me, I have given JEE mains for the first time but I got 3rd attempt and I got CRL rank I have got 913220 in jee mains and my ews category rank is 109110 so which college can I get in Aktu? The best college is the best one mai home state se hu uttar pradesh plzz tell me

Ans: Possible Private Colleges (Lower Fee, Good Teaching):
Raj Kumar Goel Institute of Technology (RKGIT), Ghaziabad

IIMT College of Engineering, Greater Noida

ABES Institute of Technology, Ghaziabad

KIET Group of Institutions, Ghaziabad (only in last rounds, non-CSE branches)

JSS Academy of Technical Education, Noida (unlikely for CSE, but try in spot round)
Other Acceptable Colleges:
Galgotias College of Engineering, Greater Noida (only in lower branches)

Greater Noida Institute of Technology (GNIOT)

ITS Engineering College, Greater Noida

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Question by Lucky - May 19, 2025

Career

Could someone get nit patna at 93 percentile sc cat6

Ans: Yes, at 93 percentile in JEE Main with SC category and SC rank around 6,000, getting a seat at NIT Patna is possible, especially in the lower or mid-demand branches.

Dr Dipankar Dutta |1348 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on May 21, 2025

Question by Manohar - May 19, 2025

Career

Sir I got 98.48 percentile in jee mains in general category with crl rank of 23.346k which college and which course should I prefer to join

Ans: With a 98.48 percentile in JEE Mains and a CRL rank of ~23,346 in General category, you have very good chances of getting into top-tier NITs, IIITs, and GFTIs

Prof Suvasish Mukhopadhyay |758 Answers |Ask -Follow

Career Counsellor - Answered on May 21, 2025

Asked by Anonymous - May 20, 2025

Career

My daughter is getting computer science in Thapar and computer science core in Vit Chennai category 2, which should we give preference to? She also got 115 marks in Manipal Exam. We live in Delhi

Ans: For computer science, Thapar Institute of Engineering and Technology (TIET) is generally considered a better option than VIT Chennai, especially if the VIT Chennai admission is in Category 2. Thapar has a stronger reputation, better alumni network, and potentially higher placement opportunities, especially for core computer science. While VIT Chennai is a good institution, Thapar's legacy and strong placement records may offer a more advantageous career path.

Prof Suvasish Mukhopadhyay |758 Answers |Ask -Follow

Career Counsellor - Answered on May 21, 2025

Asked by Anonymous - May 20, 2025

Career

What is the future of btech EEE from SRM kattankulathur

Ans: Almost every student gets placed, with the lowest package being INR 4,00,000 for BTech EEE and the highest being INR 2,500,000. TCS, Infosys, and other companies participate in the placements. More than 50% of the students get internships in foreign companies.

Prof Suvasish Mukhopadhyay |758 Answers |Ask -Follow

Career Counsellor - Answered on May 21, 2025

Question by sachin - May 20, 2025

Career

Hi sir, my son got 98.49 percentile in jee mains, under obc-ncl quota ECE branch is chance in good iits

Ans: For IITs JEE Advance has to be cleared

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x