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StaffCorner

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08 Mar, 2016 12:43 PM

Finance Minister rolls back proposal to tax EPF withdrawals

Finance Minister rolls back proposal to tax EPF withdrawals In what will bring cheers to tens of thousands of salaried class individuals in the country, Finance Minister Arun Jaitley on Tuesday rolled back the controversial budget proposal to tax EPF withdrawals.

Clarifying government's stand on EPF in Lok Sabha, Jaitley said, "The main argument is that employees should have choice of where to invest. Our intention was to encourage more and more employees join the national pension scheme".

Jaitley in his Budget for 2016-17 had proposed that 60 percent of the withdrawal on contribution to employee PF made after April 1 this year will be subject to tax. This would apply to superannuation funds and recognised provident funds including EPF.



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