Diabytes
EPF tax News
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Retirement fund body EPFO has tightened norms on withdrawal of provident fund as well investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers.
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Finance Minister Arun Jaitley on Wednesday chided Congress vice-president Rahul Gandhi for taking credit for the rollback of Employees Provident Fund tax on EPF withdrawal.
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Jaitley had in his Budget 2016-17 proposed to tax withdrawal of 60 percent of accumulations in the Employee Provident Fund after April 1, 2016.
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Jaitley also announced withdrawal of imposing monetary limit for contribution of employers to provident and superannuation fund of Rs 1.5 lakh for taking tax benefit.
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"Whenever somebody is being oppressed wrongly or victimized, I tend to try and help those people."
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In what will bring cheers to millions of salaried class individuals in the country, Finance Minister Arun Jaitley on Tuesday rolled back the controversial budget proposal to tax EPF withdrawals.
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The Finance Ministry will reveal final details on the the controversial budget proposal to tax EPF withdrawals during debate on Budget.
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Finance Minister Arun Jaitley, who had proposed a change in rule aiming at reducing litigation and increasing transparency in the Union Budget 2016, is likely to make an official statement in the House outlining the revised proposal.
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The government only wants to encourage investment in pension schemes, it was the phrasing in the Budget speech that caused the confusion over the EPF tax, said a government official.
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Labour Minister Bandaru Dattatreya today said he is holding discussions on the controversial budget proposal to tax EPF withdrawals with the Finance Ministry and government will reveal final details on the issue during the debate on Budget.
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EPFO trustees' meet later this month is likely to be a stormy affair as trade unions will raise their voice against the Budget proposal of taxing EPF withdrawals.
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Sensing the outrage among salaried class on the Budget proposal to tax EPF withdrawals, PM Modi is reported to have intervened, following which the Finance Ministry has reviewed the proposal and is likely to offer some relief to taxpayers.
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The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals, a Finance Ministry official said Friday.
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Opening another front against the Modi government, Congress vice president Rahul Gandhi, Thursday, demanded that the proposal to tax Employees' Provident Fund (EPF) should be withdrawn.
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The petition was started by a finance professional from Gurgaon, Vaibhav Aggarwal, and over 1 lakh people have supported the campaign and it continues to draw thousands of signatures very hour.
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Facing flak for proposing a tax on employee provident fund withdrawals, Finance Minister Arun Jaitley said he will spell out the final decision on the matter when he replies to the debate on Budget in Parliament.
Clarifying on EPF taxation issue, Labour minister Bandaru Dattatreya on Wednesday said that the government is in discussion with stakeholders and is considering all aspects.
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