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Residential status chapter

How these points will be considered as income deemed to be received. Contribution to PF in excess of 12% of salary and interest in excess of 9.5% Sec 80ccd Transfer from URF to RF

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Abirami G

Abirami G

CA Inter

970

19-Feb-21 13:08

15

Answers (10)

In salaries chapter you will understand that employer contribution upto 12% will not be taxable. If say 14% is contributed, additional 2% would be taxable. So though employee has not actually received, it is deemed to be received.


Suraj Lakhotia

Suraj Lakhotia

Admin

19-Feb-21 16:33

I dont understand transfer from URF TO RPF that point


Abirami G

Abirami G

CA Inter

970

19-Feb-21 16:35

When employer is contributing to URF, its not taxable in hands of employee. When employee receives it is taxable. When employee receives from RF, it is not taxable. Now when amount is transferred to RF from URF, and when employee receives from RF, it is not taxable. To plug this loophole, when amount is transferred from URF to RF, it is deemed to be received by employee and taxable. It is explained in detail in classes.


Suraj Lakhotia

Suraj Lakhotia

Admin

19-Feb-21 16:41

80ccd point


Abirami G

Abirami G

CA Inter

970

19-Feb-21 18:09

80ccd point

What is your doubt?


Suraj Lakhotia

Suraj Lakhotia

Admin

20-Feb-21 14:18

Contribution made by CG or any other employer in p.y to the account of employee under a pension scheme referred to in sec 80ccd .how it will be considered as income deemed to be received


Abirami G

Abirami G

CA Inter

970

20-Feb-21 14:29

Then how tds will be considered as income deemed to be received


Abirami G

Abirami G

CA Inter

970

20-Feb-21 14:48

Then how tds will be considered as income deemed to be received

Along with Salary


Suraj Lakhotia

Suraj Lakhotia

Admin

20-Feb-21 14:56

Tq u sir


Abirami G

Abirami G

CA Inter

970

20-Feb-21 14:57

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