Employee Provident Fund (EPF)

Tax Glossary Definition

Employee Provident Fund (EPF)

The Employees’ Provident Fund (EPF) is a retirement savings scheme in which both the employer and the employee contribute a fixed percentage of the employee’s salary each month.
It helps employees accumulate a financial corpus for retirement, ensuring long-term financial security.

 Tax Benefit

The employee’s contribution to EPF is eligible for deduction under Section 80C of the Income Tax Act, up to the prescribed limit (₹1.5 lakh per year).

 Example

If an employee contributes ₹1,50,000 to EPF in a financial year:
➡ The entire ₹1,50,000 is eligible as a deduction under Section 80C, reducing taxable income

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