Calculation of taxable interest relating to contribution in a PF (Provident Fund), exceeding specified limit w.e.f FY 2021-22
Calculation of taxable interest relating to contribution in a PF (Provident Fund), exceeding specified limit w.e.f F.Y 2021-22 -reg.
In pursuance of the notification issued by Department of Revenue (CBDT) dated 31st August, 2021, the interest relating to contribution in a provident fund or recognized provided fund, exceeding specified limit of Rs Five lakh in case of employee where GPF is applicable shall be part of taxable income of the subscriber w.e.f finacial year 2021-22 onwards.
2. In view of aforesaid decesion, the respective GPF ledger folio maintained as per CAM-47 & the annual GPF Statement in form CAM-49 respectively with required changes to this effect needs to prepared by PAOs in respective nodal offices in the revised format enclosed with retrospective effect from 01.04.2021 onwards
the same are also made available to ITD for development in PFMS.The necessary amendments in cahpter 6 of the Civil Accounts Manual (CAM) will be issued seperately.
3. All the Principal CCAs/CCAs/CAs(IC) in the Ministries/Departments are required to instruct nodal offices under their control to prepare GPF ledger & Annual statement to be issued to subscribers in the format enclosed.
