Is GPF Interest Taxable – Updated GPF Interest Rates

Here is the answer to find Is GPF Interest Taxable? Find the updated GPF Interest rates and how to contribution of excempted from taxable amount on GPF Interest…

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.

The interest in this scheme is variable and does changes based on the government policy. The fund from GPF is invested in mutual funds and shares, whereas the profit rate in GPF is varied as per the Govt announcements. The interest accumulated here will be added to the lump sum amount by the end of every financial year.

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.

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.

West Bengal GPF Interest Rates Jammu Kashmir Employee GPF Interest Rates

GPF Interest Rates

Period From To Interest in %
01.04.2021 31.03.2022 7.1
01.07.2019 7.9
01.10.2018 30.06.2019 8
01.01.201830.09.20187.6
01.07.2017 31.12.20177.8
01.04.2016 30.06.20178.1
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
01.04.200011
01.04.1988 12
  1. 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.

  2. 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.

  3. What is the maximum nontaxable amount in GPF?

    If the amount is 2.5 lakhs or above then you will be taxed but if it is below 2.5 lakh per annum then it will not under nontaxable.