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Government issues notification on calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit   Sep 04, 2021

As of now, interest earned on provident fund balance is fully exempted from tax in the hands of the employee.

The new rule is that the interest earned on an employee’s contribution above Rs 2.5 lakh in a year will become taxable in the hands of the employee while for the government sector employees, the monetary ceiling shall be Rs 5 lakh.

The Income-tax (25th Amendment) Rules, 2021 will come into force on 1st day of April, 2022.


Copy of the Notification is attached   

 

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