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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Union Finance Minister Arun Jaitley on Tuesday announced in Parliament to roll back the tax on Provident Fund to be withdrawn as was envisaged in the Union Budget 2016.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.

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