March 14, 2025 03:49 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
In a setback for Donald Trump, US judge orders federal agencies to rehire fired workers: Report | 'We will thwart conspiracies hatched by Centre': Revanth Reddy on delimitation exercise | Chennai doctor, his wife along with two sons die by suicide due to huge debt: Cops | Amid language debate, Tamil Nadu drops rupee symbol in state budget | Scientist killed in assault by neighbour over parking argument in Mohali | British woman tourist raped in Delhi hotel by man she befriended on social media | Gold smuggling case: Court restrains media from publishing, telecasting defamatory statements against Ranya Rao | Trump warns Putin of 'devastating' financial impacts if Russia blocks Ukraine ceasefire | 'People are going to Russia right now as we speak: Donald Trump on Ukraine war ceasefire talks | Pakistani army claims to have freed all hostages in passenger train siege; 28 personnel killed
Budget

Govt may raise tax-free PF contribution limit to Rs 5 lakh for all salaried employees: Report

| @indiablooms | Jan 23, 2022, at 04:16 am

New Delhi/IBNS: In good news for salaried employees, the government may double the limit for tax-free contribution to the provident fund for salaried employees up to Rs 5 lakh per annum in the forthcoming Union budget 2022-23, in order to bring them at par with government employees.

Earlier, the government had raised the cap of tax-free annual provident fund contributions for availing tax-free interest income from Rs 2.5 lakh, stipulated in the union budget 2021-22, to Rs 5 lakh for those funds where employer's don't make contributions, by amending the finance bill.

However, this helped only a small section of government employees, mostly in higher ranks, who make higher contributions to General Provident Fund (GPF), a facility available only for government employees.

Now, the government may raise the limit to Rs 5 lakh per annum for all salaried employees, following representations by several tax experts, according to Hindustan Times.

According to the representations, the government should extend the 5 lakh cap for salaried employees to benefit all salaried employees as enabling this provision only for government employees is discriminatory.

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 Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm