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EPF tax rolled back, comprehensive review soon, says Jaitley

India Blooms News Service | | Mar 08, 2016, at 07:16 pm

New Delhi, Mar 8 (IBNS): In response to the general discontent over the proposal to tax employee provident fund withdrawals made in the Union Budget 2016, Union Finance Minister Arun Jaitley on Tuesday announced in Parliament to roll back the tax because the government will hold a comprehensive review soon.

Jaitley said the proposal was intended to create a pensioned society.

Amid pressure from various quarters, Prime Minister also had asked the Finance Minister to examine the Employees' Provident Fund or EPF tax in details. The government had decided to tax 60% of Employees Provident Fund withdrawal on retirement.

The finance ministry earlier had hinted that it was not considering any roll back in the proposed taxation of Employee Provident Fund withdrawal even as clamour for its rollback had gained momentum.

The government clarified that only the interest accrued on contributions to employee provident fund made after April 1 will be taxed while the principal will remain exempted from tax.

Ever since the proposal to tax withdrawals from the EPF was mentioned during the Union Budget 2016 , the salaried employees have been voicing their concern while rival politicians demanded its rollback.

Mamata Banerjee, chief minister of West Bengal has tweeted, "#EPFRollBack A victory for the common people. Happy that we were the first to raise this issue. Good".

CPI-M party general secretary Sitaram Yechury tweeted, "Good EPF tax rolled back. But 1 big budget announcement, 4 different clarifications. Maximum government, Minimum governance! #ModiSarkar".

#EFP tax # EFF tax withdrawal # Jaitley

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