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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Aug 07, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Question by Arabinda on Jul 27, 2023Hindi

Money

Is interest of provident fund taxable

Ans: the interest earned on Employee Provident Fund (EPF) is generally considered tax-free.

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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Question by Abel - Oct 20, 2022Hindi

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As I understand I am liable for tax on income generated in India as an Indian Citizen, however my recent visit to Provident fund office got me wondering on hearing the office at PF office that the principal amount will be exposed to TDS on the Principal contribution that I do. Does this mean that now on saving will also be taxed? Please advise: a) Does it make sense to continue investment in Provident Fund if the principal investment gets taxed? b) Isn’t the income tax, by law, on the income generated, but never on the Principal or capital?

Ans: Investment in provident fund is still one of the best modes considering rate of return and risk free return. From FY 2021-22, rules have changed.

Interest on an employee's contribution to an EPF above Rs 2.5 lakh per annum is taxable and accordingly interest is also subject to TDS.

If employer is not contributing in the provident fund account, the threshold will be Rs 5 lakh per annum.

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Is PPF Interest Taxable after a Limit of 2.50 Lakhs ?

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Sir, kindly opine as to whether interest earned through deposit of amount received from General Provident Fund, Pension commutation and gratuity are taxable or otherwise. I plan to invest in Monthly Income Scheme in Post Office

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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.

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