# You have to submit either Form 15G or Form 15H when your total income does not exceed the basic exemption limit (in case of Financial Year 2019-20 the basic exemption limit for an individual is Rs.2,50,000, for an individual whose age is 60 years or more but less than 80 years ...
The employee may, however, choose to make additional contributions to his EPF account at his discretion According to the law, there is no limit on how much an employee can contribute to their EPF. The voluntary provident fund receives the excess of the mandated 12% payment (VPF). Tax-free...
Union Budget 2021 proposal which comes into effect from 1 Apr 2021, that employee contributions made to the Employees’ Provident Fund (EPF) or exempted PF trusts above₹2.5 lakh would trigger taxability on the interest accrued on the amount above the threshold limit. The tax would eat into ...
Employees working in private sector, drawing basic salary upto Rs 15000(From Sep 1 2014salary limit has been increased to Rs 15,000 before it was Rs6500) have to compulsory contribute to the Provident fund and employees drawing above Rs 6501 have an option to become member of the Provident ...
s budget saw the Government setting the limit of Rs 7.5 lakh on tax-free yearly contributions to PF, NPS and other superannuation or retirement funds. Only contributions and deposits that exceeded the Rs 7.5 lakh limit were taxable. Now, employees who contribute more than Rs 20,833 towards ...
Further, the deposit limit ranges from ₹ 500 to ₹ 1,50,000 in a financial year. Here, it should be noted that the deposit limit is combined, in the sense that the total deposit made in the individual’s own account and the accounts opened on behalf of other persons, should not ...