To alleviate the obligations of the working class in India, the Union Finance Minister Arun Jaitley moved back the allocated financial proposition. It includes taxing the workers with up to 60% of the Employees Provident Fund. Prime Minister Narendra Modi confirmed the declaration, which was replied with an enormous clamor by the political opposition and trade unions. Minister Jaitley said that the proposition is expected to urge private division representatives to sign in and be a member of the Nation Pension Scheme (NPS).After his recent consultation with members of the trading companies, he pointed out that the ministry of the internal revenue was fulfilling its imperative part to ensure that all taxpayers will follow.
Tax imposed on EPF has been rolled back
After other parties’ and employees’ opposition (common man), Prime Minister Narendra Modi also requested that the Finance Minister must rethink the budgetary proposition, after which the tax was rolled back.According to reliable sources, during the first week of March, an emergency private conference was recently held at PMO with regards to the issue of EPF tax issues. It was done in the hope that the Finance Minister will make a declaration on the exclusions on the deliberation forum when he answers issues regarding the spending plan.
He had defended the move to acquire the tax collection proposition in the proposed national budget for the year 2016- 2017 while asserting that the proposition would empower the pension funds. He also guaranteed that the government’s point was to make a stable India and the imposed new duties would advantage the middle class taxpayer and hard working citizens.
So the bottom line news is that there won’t be any TAX on EPF, it will remain tax free at least for this 2016-2017 financial year.