Updated Feb 06, 2021 | 06:09 IST
Presently, any payment from a provident fund set up under the Provident Funds Act, 1925 or any recognised fund set up by Central Government is exempted under section 10(11). Know if tax on PF interest also cover contribution to PPF account?
New Delhi: Union Budget 2021 has proposed to levy income tax on interest earned by an employee towards his/her contributions to the provident fund of over Rs 2.5 lakh per annum, starting from 1 April. In order to rationalise tax exemption for the income earned by high-income employees, it is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of Rs 2.5 lakh, FM Nirmala Sitharaman said in her Budget 2021 speech.
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Updated Jan 13, 2021 | 06:26 IST
The income tax department also announced last year that it will issue only e-refunds. These refunds will be credited only to those accounts which are linked with Aadhaar, PAN and are pre-validated Filed ITR? Know how to check income tax refund status
New Delhi: Income tax return filing last date (January 10) has passed. People who have filed ITR and have paid excess tax are now looking for their refund to be credited in their account. Last year, the process of claiming income tax refund was tweaked by the Income Tax Department. In order to claim an income tax refund, apart from filing an income tax return (ITR), you have to ensure that you have pre-validate your bank account in which you want to receive the income tax refund to be credited.
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