The conversation between human and AI assistant.
How is the income tax and PF calculated in India? For example: person X is getting 6 lakhs per annum. How is the PF calculated for him?
I see. Is there a limit on the amount of PF that can be contributed?
Yes, there is a maximum limit of 1.5 lakhs per annum that can be contributed towards PF. Anything above that will not be eligible for tax exemption.