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FM rolls back proposal to tax EPF withdrawal
Posted on: 08-03-2016 , 01:38:PM | DY365 Bureau

 PIC COURTESY- Business Standard

Mar 8, 2016- Finance minister Arun Jaitley on Tuesday announced the rollback of proposed tax on withdrawals from employees' provident fund.

"The purpose to tax EPF withdrawals was to encourage a pensioned society. However, in view of the representations made to the government against the proposed tax, I withdraw it" finance minister Arun Jaitley informed the Lok Sabha on Tuesday.

However, the tax proposal for NPS scheme has been retained. Jaitley in his Budget for 2016-17 had proposed that 60 per cent 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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