Employer's Contribution to PF & Superannuation - Section 36(1)(iv) - Income Tax - Ready Reckoner - Income Tax

Employer's Contribution to PF Superannuation - Section 36(1)(iv) Any sum paid by the assessee as an Employer s Contribution to a recognised provident fund or an approved superannuation fund allowed as deduction. The deduction shall be allowed subject to such limits as may be prescribed. Conditions for claiming deduction: The provident fund should be recognized. The deduction is subject to the conditions laid down under Section 43B i.e., The payment shall be made on or before the due date of filing the return u/s 139(1) . If the payment is made after the due date then deduction shall be allowed in the year in which it is paid. Limits in the case of recognised provident fund The following limits are specified under rule 75 Where an employee of a company owns shares of more than 10% of voting power in the employer company , the sum contribution of the employee and employer to the recognised provident fund maintained by the company should not exceed Rs. 250 in any month. The aggregate contribution of an employer in any year, including normal contribution, to the individual account of nay one employee whose salary does not exceed Rs. 500 per month, should not exceed double the amount of the contribution of the employee in that year.