INTEREST ON EPF FOR SALARIED EMPLOYEES POST RETIREMENT LIABLE TO INCOME-TAX Weather rebate under section 89 available for interest earned on accumulated PF post retirement for salaried employees?
Hemantbhai… Interest earned on EPF post retirement is taxable as held by Bangalore ITAT. There is no judicial view in favour of the taxpayer. In my view Relief u/s. 89 cannot be claimed as such relief is available in respect of receipt in the nature of salary. EPF Interest received post retirement cannot be treated as salary. You would be well advised to offer this interest under the head income from other sources on an annual basis as accrued.
INTEREST ON EPF FOR SALARIED EMPLOYEES POST RETIREMENT LIABLE TO INCOME-TAX
Weather rebate under section 89 available for interest earned on accumulated PF post retirement for salaried employees?
Hemantbhai… Interest earned on EPF post retirement is taxable as held by Bangalore ITAT. There is no judicial view in favour of the taxpayer. In my view Relief u/s. 89 cannot be claimed as such relief is available in respect of receipt in the nature of salary. EPF Interest received post retirement cannot be treated as salary. You would be well advised to offer this interest under the head income from other sources on an annual basis as accrued.