WebFeb 21, 2024 · CBDT has inserted Rule 9D in Income-tax Rules 1962 to tax interest earned on GPF. Come April 1, 2024, the interest earned on the general provident fund balance will … WebJul 19, 2024 · Statutory Provident Fund – This scheme is set up under the Provident Funds Act, 1925. It is meant for government employees, universities, recognised educational Institutions, railways, etc. It is also known as the General Provident Fund (GPF). The interest rates of general provident funds are revised from time to time by the government.
Changes in Tax on PF contribution for Government Employees: …
WebSep 1, 2024 · Further, the Union Budget 2024 introduced taxability on the interest accrued on the Employees’ Provident Fund (EPF) account for contributions over Rs.2,50,000. The government intended to rationalise the tax exemption for the high-income earners who earned tax-free income by putting a threshold limit. WebMar 21, 2024 · GPF taxability is applicable on interest accrued thereon and any withdrawal from your GPF account. Non-taxable Contribution Account; If your closing balance on March 31, 2024, and the GPF contributions from FY2024-2024 onwards are below Rs 5 lakh, you can avail tax exemption. hawkeye real estate new york
Taxability of Interest on Excess PF Contribution-New
WebSep 2, 2024 · CBDT notifies rules to compute taxable interest in PF account. 1 min read . Updated: 02 Sep 2024, 05:59 AM IST Gireesh Chandra Prasad. Experts said that this is an effort to rationalize the tax ... WebApr 11, 2024 · The interest rates of GPF, All India Services Provident Fund and other similar funds will be 7.1 per cent for the April-June quarter, 2024, said the Department of … WebSep 2, 2024 · If the PF contribution is the same for FY23, the tax will have be paid on interest income on Rs 15 lakh. Also, if you earned interest of 8.5% last year, and if you fall in the … boston city council rent control