Tax deduction for PF under 80C
Tax deduction for PF under 80C: Absolutely, contributions made by an individual towards the Provident Fund (PF) are eligible for tax deductions under Section 80C of the Income Tax Act. In a financial year, the maximum deduction allowed under Section 80C is Rs. 1.5 lakh, which includes contributions made towards PF along with other eligible investments such as Public Provident Fund (PPF), National Savings Certificate (NSC), and tax-saving fixed deposits. The employee’s PF contribution deducte from their gross salary before calculating the tax liability, resulting in a reduced taxable income and lower tax liability for the employee.
For more information visit this site: https://www.incometax.gov.in
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