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Big relief on EPF taxation: Finance Minister Arun Jaitley withdraws tax proposal

| Updated: Tuesday, March 8, 2016, 15:20 [IST]

New Delhi, Mar 8: Clarifying over Govt's stand on Employees Provident Fund (EPF) Finance Minister Arun Jaitley said in Lok Sabha that the controversial tax proposal has been withdrawn.

"Tax proposal for NPS scheme has been retained," Finance Minister informed in the Lok Sabha.

"Main argument is that employees should have choice of where to invest, idea is to make people join pension scheme," Finance Minister Arun Jaitley said in Lok Sabha.

(F‌inance Ministry clears its stance on EPF taxation) (F‌inance Ministry clears its stance on EPF taxation)

There was a huge uproar after Finance Minister said, in his Union Budget announcement, that 40% of the total EPF corpus would be exempted of tax and the rest 60% would be taxed.

However, the ministry later came up with a clarification saying that the ministry was not talking about the entire 60% corpus but only its interest component.

But now the government has withdrawn from the changes it had announced.

OneIndia News