Interest on RPF of Rs. 10,000 @ 10% has been credited in RPF account. Which amount will be taxable?
Answer
A.
Rs. 50
B.ORs.950
C. O Rs. 95
D. O None of the above
Answers
Answer:
Contribution is made in the Provident Fund for the employee's welfare by the employee and the employer. The deduction is available under section 80C.
Provident fund is a kind of security fund in which the employees contribute a part of their salary and the employer also contributes on behalf of their employees. Section 10(11) and 10(12) of the Income Tax Act defines the exemption on the amount added to the provident fund. Additionally, the amount allowed as a deduction on contributing to the provident fund is dealt in section 80C of the Income Tax Act. The types of provident funds are:
Recognised Provident Fund (RPF) as recognised by Commissioner of Income Tax under EPF and Miscellaneous Provision Act, 1952. It applies to enterprises employing at least 20 employees.
Unrecognised Provident Fund (UPF) is not recognised by the Commissioner of Income Tax. The employers and employees start these schemes.
Public Provident Fund (PPF) under Public Provident Fund Act, 1968 is another system of contributing to the provident fund. Self-employed people can also take part in this scheme. A minimum contributing limit of Rs. 500 per annum and a maximum of Rs. 150000 per annum are set.
Statutory Provident Fund (SPF) is meant for employees of Government or Universities or Educational Institutes affiliated to University.
Explanation:
Answer:
Dietary modifications are changes made during food preparation, processing, and consumption to increase the bioavailability of micronutrients—and reduce micronutrient deficiencies—in food at the commercial or individual/household level (Beck and Heath 2013).