ADVERTISEMENTREMOVE AD
Will your contributions the Employee Provident Fund (EPF) be taxable? When that became a matter of intense speculation on Monday following FM Arun Jaitley’s Budget speech, the government was forced to ‘clarify’.
MoS Finance Jayant Sinha confirmed:
1. Only interest accrued on 60 percent contribution to EPF after 1 April 2016 will be taxed; principal amount to remain tax exempt.
2. Small salaried employees with up to Rs 15,000/month income will be kept out of purview of proposed taxation of EPF.
3. All PPF contributions will continue to remain tax exempt, no tax on withdrawal of PPF.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)
Read Latest News and Breaking News at The Quint, browse for more from videos
Topics: Budget 2016-17 Taxation
Published: