I have understood that the employee has to give a tax exemption declaration .According to which the taxable income will be calculated .
The problem I am facing is , while calculating the taxable income , I want to deduct the yearly PF amount from the total yearly taxable income. I have PF as a salary component which is a deduction in the salary structure of each employee and it has certain formula to calculate PF for each month based on the Basic Salary. Now During the Tax Exemption Declaration , I want the employee to be able to add the PF as a category for tax exemption where the declared amount should be automatically fetched from his salary structure . Also I want to check that the total exemption for PF should not exceed 150000 per annum .
Also I want to know if I can maintain different PF accounts for each employees where I can save the amount they have accumulated till any point of time.
Please Help .
1 Like