Here is the answer to find Is GPF Interest Taxable? I can help you find the updated GPF interest rates as well as guide you on how to make contributions that are exempt from taxable income. Let me know how I can assist you further.
Provident Fund brings their different schemes as Employee Provident Fund, Public Provident Fund and General Provident Fund for the employees or individual for financial security. The General provident fund is different from the first two PPF and EPF accounts, as these are fully a retirement cum savings plan.
This scheme’s interest rate is subject to variations based on government policies. The General Provident Fund (GPF) invests its funds in mutual funds and shares, and the rate of profit in GPF varies according to government announcements. Every year, the interest earned on the investment is added to the total amount, providing a lucrative opportunity for investment.
At the similar instance, the risk is also the same in GPF account as it provides excess benefits in provident fund savings. The GPF contribution of an employee which is less than 5 lakhs will have no interest charged on their interest earned on accumulated savings.
Also read>>> West Bengal GPF Interest Rates
As per latest income tax rules, the contribution higher than 5 lakhs per annum by a GPF subscriber, will have to pay the tax applied on the interest earned. This regulation collects the tax amount which is earned on interest for that year but not on the total accumulated amount. Let’s also check updated GPF interest rates of General Provident Fund scheme.
Also read>>> Jammu Kashmir Employee GPF Interest Rates
GPF Interest Rate
| Period From | To | Interest in % |
|---|---|---|
| April 2023 | March 2024 | 7.1 |
| 01.04.2022 | 31.03.2023 | 7.1 |
| 01.04.2021 | 31.03.2022 | 7.1 |
| 01.07.2019 | 7.9 | |
| 01.10.2018 | 30.06.2019 | 8 |
| 01.01.2018 | 30.09.2018 | 7.6 |
| 01.07.2017 | 31.12.2017 | 7.8 |
| 01.04.2016 | 30.06.2017 | 8.1 |
| 01.04.2013 | — | 8.7 |
| 01.04.2012 | — | 8.8 |
| 01.04.2011 | —- | 8.6 |
| 01.04.2003 | — | 8 |
| 01.04.2002 | — | 9 |
| 01.04.2001 | — | 9.5 |
| 01.04.2000 | — | 11 |
| 01.04.1988 | — | 12 |
>>> Is GPF Tax Free for Employee before or after Retirement
Is GPF pension scheme fund taxable?
If the pension fund that you have is above 2.5 lakhs then you will have it under non-taxable section, where as other amounts above it are taxable.
Is GPF taxable after retirement?
The GPF pension funds that you receive are already taxed and in case if you want to show these during your tax filling then it can only be done before the whole funds are used or meanwhile your subscription is going on.
What is the maximum nontaxable amount in GPF?
Rest assured, if your annual income falls below 2.5 lakhs, it is considered non-taxable. Conversely, any income equal to or greater than 2.5 lakhs will be taxed.
My GPF A/C Name is Md Harun Al Rashid S o Abbas Ali village -No3 Bhurbandha PO Bagamukh Service Address Bhagamukh M E School BEEO Laokhowa T/O -Kaliabor DEEO -Nagaon Assam India 782120