Finance Minister Nirmala Sitharaman said she is “open” to revising the Rs 2.5 lakh annual tax-free deposit cap on Employees’ Provident Fund (EPF) savings announced in the Union Budget 2021.
In her Budget speech on February 1, Sitharaman announced that depositors investing more than Rs 2.5 lakh in EPF in a year would have the interest liable for tax. The move is being seen as an attempt to block higher-income earners from using EPF savings to reduce tax.
The Finance Minister told that "We have taken a call not to discourage those earning more than Rs 15,000 (per month) from being part of EPF. There can always be a discussion on the Rs 2.5 lakh limit. I can go back and review it. But it is a matter of principle. We are only touching those who are putting far more (in EPF) than what an average Indian’s earnings is per month"
Acknowledging that people “particularly middle-income earners drew certain comfort from EPF” due to assured return, the finance minister said she would want it to continue.
Sitharaman also said there was s “no plan to merge EPF with the National Pension Scheme (NPS)” and these would continue to “remain in its present form.”
🕑 18 Apr, 2024 11:51 AM
Timeline extended for CGHS Beneficiary ID - ABHA ID linking
🕑 18 Apr, 2024 10:22 AM
APAR timelines for Central Civil Services extended to 30th April
🕑 10 Apr, 2024 08:25 AM
DoPT Guidelines on Departmental Promotion Committees
🕑 02 Apr, 2024 09:21 AM
CGHS ID - ABHA linking mandatory and needs to be done in 30 days
🕑 31 Mar, 2024 08:10 PM
DA from 01.01.2024 to Armed Forces Officers & Personnel Below Officer Rank
🕑 31 Mar, 2024 08:10 PM
DA from 01.01.2024 to Armed Forces Officers & Personnel Below Officer Rank
🕑 31 Mar, 2024 08:07 PM
DoP: Guidelines for transfer to regulate transfers in March 2024
🕑 31 Mar, 2024 08:02 PM
CDA: Clarification of Date of next increment under Rule 10 of CCS
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process
🕑 01 Apr, 2024 09:23 AM
Kendriya Vidyalaya (KV) schools where Balvatika is functioning
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time
