Question of the Day ⚡ Do you agree that PF Interest should be taxed? Let us know! 👇🏼👇🏼👇🏼 * Watch why your SALARY will reduce from APRIL'2021 ➡️ th-cam.com/video/BZyvCsxTkp0/w-d-xo.html You can download the excel files via the link - bit.ly/3saLsiD
Please help to answer my query. Government had announced last year that EPF configuration above 2.5 L annual will attract tax on it's Interest earned. Does this 2.5L will include a) EPF contribution by Employee + VPF OR b) EPF contribution by Employee + VPF + EPF contribution by Employer
Hello Amit sir, do we have the clarification of previous interest income getting taxed again for the current year ? If yes doing VPF does not look like a good option? Or is it still a decent instrument?
Very well explained My only doubt is whether it is confirmed that interest taxed once will again be taxable as a part of accumulated pf balance ( as in case of FD ) Government Rules & clarification are awaited in this regards.Right ?)
That's correct. We will come to know of this much better when we have further clarifications from govt. They themselves are sharing info in bits and pieces. In all likelihood, since Interest will be treated as additional income, it will be added and to be taxed again and which will make the returns filing of common (wo)man a much more cumbersome process. Only time will tell 😌
EPF contribution is 12% of basic + DA. VPF can be done maximum 100% of basic + DA. So does that means an employee can contribute 112% or is it 12% ( EPF) + 88% (VPF)?
Sir thanks A ton for useful info, I am putting extra 50k per month in vpf other than epf(9.5k), what would be my tax ? Also as you mentioned it will consider for subsequent years, so I feel stop putting in vpf, what u say sir ? Pls help me
I have created excel whose link you can check in description. The true information is not clear at the moment and all the information shared is based on some assumptions which may change in due course.
*as Govt introduced a new bracket of 2.5Lakh in vpf, is it still advisable to contribute 88% of remaining basic salary to vpf aiming towards a large corpus comparing to other govt schemes like ppf or nps?* *Looking for your financial advice 😊*
It will depend upon which bracket one is in. For anyone in 30% bracket, VPF doesnt make sense. For anyone in 20% bracket, PPF is a better option. Rest can be invested in hybrid funds if one has risk appetite to do so. For anyone in 10% bracket, it may still be Ok to invest
Question of the Day ⚡ Do you agree that PF Interest should be taxed? Let us know! 👇🏼👇🏼👇🏼 * Watch why your SALARY will reduce from APRIL'2021 ➡️ th-cam.com/video/BZyvCsxTkp0/w-d-xo.html
You can download the excel files via the link - bit.ly/3saLsiD
Please help to answer my query.
Government had announced last year that EPF configuration above 2.5 L annual will attract tax on it's Interest earned.
Does this 2.5L will include
a) EPF contribution by Employee + VPF
OR
b) EPF contribution by Employee + VPF + EPF contribution by Employer
Hello Amit sir, do we have the clarification of previous interest income getting taxed again for the current year ?
If yes doing VPF does not look like a good option? Or is it still a decent instrument?
Ye Calculation 1 aur Calculation 2 kya hain?
Kya ye dono taxes pay karne parenge?
Please clarify
Is this amount deduction deducted from salary every month or is it adjusted from the PF balance every month Sir ?
Very informative...!!!
Glad you liked it
My employer contributes to pf. So, Limit 2.5 lacs is Employee pf + vpf OR employee pf + employer pf + vpf ?
Why It is asking for pay before download excel
Very well explained
My only doubt is whether it is confirmed that interest taxed once will again be taxable as a part of accumulated pf balance ( as in case of FD )
Government Rules & clarification are awaited in this regards.Right ?)
That's correct. We will come to know of this much better when we have further clarifications from govt. They themselves are sharing info in bits and pieces.
In all likelihood, since Interest will be treated as additional income, it will be added and to be taxed again and which will make the returns filing of common (wo)man a much more cumbersome process.
Only time will tell 😌
Could you please explain the cumulative interest earned. In column H
Let me know what you have not understood.
EPF contribution is 12% of basic + DA. VPF can be done maximum 100% of basic + DA. So does that means an employee can contribute 112% or is it 12% ( EPF) + 88% (VPF)?
VPF is over and above EPF.
So that means the contribution can go up to 112% of basic + DA inclusive EPF + VPF?
Yes, subject to various clauses of taxation including the one introduced this year.
Very helpful.
Glad it was helpful!
Sr 1 chiz smj ni aa rhi h, y kse pta kre k tax 10/20% k bracket m h ya 30% k m...??
Sir thanks A ton for useful info, I am putting extra 50k per month in vpf other than epf(9.5k), what would be my tax ? Also as you mentioned it will consider for subsequent years, so I feel stop putting in vpf, what u say sir ? Pls help me
I have created excel whose link you can check in description.
The true information is not clear at the moment and all the information shared is based on some assumptions which may change in due course.
@@EveryPaisaMatters I will download your excel sheet. , of course I will pay
@@EveryPaisaMatters Sir , any update from the EPFO ( waste Govt) regarding more tax details ?
@@sportslover8396 Not yet.
Is it applicable for GPF becuz my monthly subscription towards GPF is 30k ,
Yes. Read this news article.
www.hindustantimes.com/business/pf-tax-ceiling-will-be-applicable-to-gpf-as-well-cbdt-chairman-101612400736283.html
*as Govt introduced a new bracket of 2.5Lakh in vpf, is it still advisable to contribute 88% of remaining basic salary to vpf aiming towards a large corpus comparing to other govt schemes like ppf or nps?*
*Looking for your financial advice 😊*
It will depend upon which bracket one is in. For anyone in 30% bracket, VPF doesnt make sense.
For anyone in 20% bracket, PPF is a better option.
Rest can be invested in hybrid funds if one has risk appetite to do so.
For anyone in 10% bracket, it may still be Ok to invest
excel link not working sir
Double taxation will have huge impact
Well its not really Double Taxation but it does take it away in a way from EEE category.
They will have to discontinue VPF as a part of saving
Probably
Sabche achha youtube video
👏👏👏
Every scheme is under taxation... Where to save? This govt doesn't want the common people to save and survive... Taxes are increasing not income
Increasing taxes is in Govt's Hand.
Increasing Income is in Your Hands.
Hello sir ppf will club
Nopes.
Ye govt bik chuki hai ...tax on every thing related to common man
Its true.