Calculation of taxable interest relating to contribution in a provident fund w.e.f F.Y 2021-22: CGA, FinMin

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Calculation of taxable interest relating to contribution in a provident fund w.e.f F.Y 2021-22: CGA, FinMin

Calculation of taxable interest relating to contribution in a provident fund w.e.f F.Y 2021-22: CGA, FinMin No. TA-3-07001/7/2021-TA-III-Part(1)/cs80

Amendment in Civil Accounts Manual Revised Second Edition -2007 Volume-I & II regarding Income Tax on Provident Fund
Period of preservation of records in electronic or physical form maintained by the Departmentalized Pay and Accounts Offices: Proposed draft Para 17.16 of CAM
Retention period of various accounting records – Correction slip to Para 17.16 of CAM: CGA OM dated 12.07.2021

Calculation of taxable interest relating to contribution in a provident fund w.e.f F.Y 2021-22: CGA, FinMin

No. TA-3-07001/7/2021-TA-III-Part(1)/cs8084/70
Ministry of Finance
Department of Expenditure
Office of Controller General of Accounts
Mahalekha Niyantrak Bhawan
E-Block, GPO Complex, INA,
New Delhi

Dated: 25.02.2022

Office Memorandum

Subject: Calculation of taxable interest relating to contribution in a provident fund, exceeding specified limit w.e.f F.Y 2021-22 -reg.

In pursuance of the notification issued by Department of Revenue (CBDT) dated 31st August, 2021, the interest relating to contribution in a provident fund or recognized provided fund, exceeding specified limit of Rs. five lakh in case of employee where GPF is applicable shall be part of taxable income of the subscriber w.ef. Financial year 2021-22 onwards.

2. In view of the aforesaid decision, the respective GPF ledger folio maintained as per CAM-47 & the Annual GPF statement in form CAM-49 respectively with required changes to this effect needs to prepare by PAOs in respective nodal offices in the revised format enclosed with retrospective effect from 01.04.2021 onwards. The same are also made available to ITD for development in PFMS. The necessary amendments in chapter 6 of the Civil Account Manual (CAM) will be issued separately.

3. All the Pr.CCAs/CCAs/CAS(IC) in the Ministries/Departments are required to instruct nodal offices under their control to prepare GPF ledger & Annual statement to be issued to subscribers in the format enclosed.

Encl: As above.

(Ashish Kumar Singh)
Dy. Controller General of Accounts

To,

All Pr. CCAs/CCAs/CAs (IC) of the Ministries/ Deptts. concerned.

Copy to:

  1. PPS to CGA.
  2. PPS to Additional CGA/Jt.CGA

calculation-of-taxable-interest-relating-to-contribution-in-a-provident-fund-cga-form-cam-49

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