Your EPF contribution is deductible from your gross total income (taxable income) only up to the 80C limit of Rs 1.5 lakhs. With Union Budget 2022, earnings from the EPF contributions of up to Rs 2.5 lakhs will remain tax-free. If your contribution exceeds Rs 2.5 lakhs a year, the interest on such contribution will become taxable from PY 2022-23.