Govt has issued guidelines on calculation if income tax on interest of GPF on contribution above Rs 5 Lakh during F Y 2021-22. As per the letter issued by Accounts Department of Ministry of Defence dated 18 Feb 2022, following points may be taken into account regarding the issue :
(i) Exercising the powers conferred by the first proviso to clause(11) of section 10 and first proviso to clause(12) of section 10 read with section 295 of the Income-Tax Act, 1961(43 of 1961), the CBDT has inserted a Rule 9D namely Income-tax (25th Amendment) Rule 2021 after Rule 9C of Income-tax Rule 1962 which stipulates Calculation of taxable interest relating to contribution in a provident fund or recognized provided fund, exceeding specified limit of Rs. 5 Lakhs.
(ii) The interest earned on contribution above Rs. 5 Lakhs during FY 2021-22 should be treated as income from other sources for the FY 2021-22(AY 2022-23) and income tax should be deducted from salary paid during the FY 2021-22 itself. Same should be reflected in Form-16 of FY 2021-22(AY 2022-23) accordingly.
(iii) Action on the part of DDO & Fund manager: Deduction of tax will be done by DDO in consultation with fund manager and where Fund manager and DDO are separate bodies the Fund manager will calculate the interest earned on contribution as per ibid rules and inform the DDO for adjustment of tax deduction from the salary of concerned individual.
The CBDT notification mentioned above is likely to be implemented wef 01 April 2022.
You may read the original letter issued by the ministry on Calculation of Income Tax on Interest of GPF on contribution more than 5 Lakhs Rupees during F. Y – 2021-22. Click the link below:
https://cgda.nic.in/adm/circular/AT-Army-Calculation-180222.pdf
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