Proviso to sec 10(11)

Direct Taxation

That is, if employee contribution is greater than 250000, then interest accrued on amount excess is taxable. Is this proviso apply for Public Provident fund? Because sec 10 (11) apply for both SPF & PPF. IS THIS PROVISO APPLY FOR PPF

Sai Eswar Kolli

CA Final

★ 30K+

23-Dec-21 17:04

836

Answers (4)

Yes. If the contribution in a fund in which there is no contribution by the employer of such person, the provisions shall have the effect as if for the words "two lakh and fifty thousand rupees", the words "five lakh rupees" had been substituted.

Yoga Vishnu

CA Final

★ 11K+

23-Dec-21 17:09

Yoga Vishnu

Yes sir, but in the material they didn't mention anything like SPF for PPF coloumn as upto certain limit.

Attachments

Thread Starter

Sai Eswar Kolli

CA Final

★ 30K+

23-Dec-21 17:13

(Updated)

In the note, it was given that if there is no employer, the limit on interest accrued is Rs. 5,00,000 (Contribution) It means, the limit of Rs. 5,00,000 contribution is applicable to PPF

Yoga Vishnu

CA Final

★ 11K+

23-Dec-21 17:20

Yoga Vishnu

(Updated)

In the note, it was given that if there is no employer, the limit on interest accrued is Rs. 5,00,000 (Contribution) It means, the limit of Rs. 5,00,000 contribution is applicable to PPF

Does inter

Thread Starter

Sai Eswar Kolli

CA Final

★ 30K+

23-Dec-21 17:36