Know what Budget 2021 means for your retirement and investment planning
- Finance Act 2020 had amended definition of salary to provide that employer’s contribution to provident fund in excess of ₹7.5 lakh and interest thereon would be considered as a taxable perquisite for employees
Provident Fund (PF) has been one of the most popular avenues for salaried people to build a retirement corpus, as both employer and employee contribute at a certain percentage of salary. The employee’s contribution to PF is deductible up to ₹150,000 under Section 80C of the Income Tax Act, 1961.
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