December 16, 2024 20:43 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
GRAP 4 restrictions reimposed in Delhi as air quality dips to 'severe' category | 39 ministers included in Devendra Fadnavis-led Maharashtra cabinet | People who raise questions on EVMs should show how they can be hacked: TMC trashes Congress claims | Bangladesh likely to hold national polls in late 2025 or early 2026, says Yunus in Victory Day speech | Constitution stood test of time: Nirmala Sitharaman in Rajya Sabha | PM Museum requests Rahul Gandhi to return Pandit Nehru's historical letters | Indian tabla maestro Zakir Hussain dies at 73 in San Francisco, confirms family | Kolkata woman strangled, beheaded and chopped into pieces for refusing brother-in-law's advances | Arvind Kejriwal, CM Atishi to contest Delhi polls from current constituencies | Atul Subhash suicide case: Wife Nikita, her mother and brother arrested

Finance Minister Jaitley rolls back EPF Tax

| | Mar 08, 2016, at 06:05 pm
#EPF Tax # Finance Minister Jaitley # Arun Jaitley
New Delhi, Mar 8 (IBNS): Union Finance Minister Arun Jaitley on Tuesday announced in Parliament to roll back the tax on Provident Fund to be withdrawn as was envisaged in the Union Budget 2016.
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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Gautam Adani meets Bangladesh PM Sheikh Hasina
Gautam Adani meets Bangladesh PM Sheikh Hasina Sep 06, 2022, at 06:46 am