{"id":2503,"date":"2022-04-11T07:30:47","date_gmt":"2022-04-11T07:30:47","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=2503"},"modified":"2022-04-11T07:55:41","modified_gmt":"2022-04-11T07:55:41","slug":"calculation-and-deduction-of-taxable-interest-relating-to-contribution-in-a-provident-fund-exceeding-specified-limit","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/calculation-and-deduction-of-taxable-interest-relating-to-contribution-in-a-provident-fund-exceeding-specified-limit\/","title":{"rendered":"Calculation and deduction of taxable interest relating to contribution in a provident fund exceeding specified limit"},"content":{"rendered":"\n<p class=\"has-text-align-right\">Date : 05.04.2022<\/p>\n\n\n\n<p>To<\/p>\n\n\n\n<p>All AddI. CPFC (Zones),<br>All Regional P.F. Commissioners <br>Incharge of Regional Offices.<\/p>\n\n\n\n<p>Madam \/ Sir,<\/p>\n\n\n\n<p class=\"has-text-align-justify\">In pursuance of the notification issued by Department of Revenue (CBDT) dated 31st August 2021, the interest relating to contribution in a Provident Fund, exceeding specified limit of Rs. 2.5 Lakh shall be part of taxable income of the subscriber.<\/p>\n\n\n\n<p><strong>(2) Relevant provisions of Law :<\/strong><\/p>\n\n\n\n<p>The relevant para of the notification under reference is reproduced as under :-<\/p>\n\n\n\n<ol class=\"is-style-none wp-block-list\"><li>&#8220;Explanation : For the purposes of this rule-<ol><li>(a) Non-taxable contribution account shall be the aggregate of the following, namely :<\/li><li>(i) Closing balance in the account as on 31st day of March 2021;<\/li><li>(ii) Any contribution made by the person in the account during the previous year 2021-2022 and subsequent previous years, which is not included in the taxable contribution account; and<\/li><li>(iii) Interest accrued on sub- clause (i) and sub- clause (ii), as reduced by the withdrawal, if any, from such account;<\/li><li><br><strong>(b)<\/strong> Taxable contribution account shall be the aggregate of the following , namely :<\/li><\/ol><\/li><\/ol>\n\n\n\n<p><strong>To Read More&#8230;.<br>Click the link below&#8230;.<\/strong><\/p>\n\n\n\n<p><strong>Notification :<\/strong> <a href=\"https:\/\/www.dropbox.com\/s\/mkjj4y2lspeyf15\/TDS%20Circular%20dated%2005.04.2022.pdf?dl=0\">https:\/\/www.dropbox.com\/s\/mkjj4y2lspeyf15\/TDS%20Circular%20dated%2005.04.2022.pdf?dl=0<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Date : 05.04.2022 To All AddI. CPFC (Zones),All Regional P.F. Commissioners Incharge of Regional Offices. Madam \/ Sir, In pursuance of the notification issued by Department of Revenue (CBDT) dated 31st August 2021, the interest relating to contribution in a Provident Fund, exceeding specified limit of Rs. 2.5 Lakh shall be part of taxable income [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,104],"tags":[110],"class_list":["post-2503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-others","tag-epfo"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/2503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/comments?post=2503"}],"version-history":[{"count":2,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/2503\/revisions"}],"predecessor-version":[{"id":2507,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/2503\/revisions\/2507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media\/2504"}],"wp:attachment":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media?parent=2503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=2503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=2503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}