GOVERNMENT ROLLS
BACK PROPOSAL TO TAX PROVIDENT FUND
New Delhi, Mar 8 (PTI) In the face of all round attack, Finance
Minister Arun Jaitley today completely rolled back the controversial proposal
to tax the employees' provident fund (EPF) at the time of withdrawal.
Taking
the first opportunity available, he made a suo motu statement in the Lok Sabha
in which he 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.
Jaitley,
however, left untouched the proposal tax exempt 40 per cent of National Pension
Scheme and services provided by EPFO to employees.
"In
view of the representations received, the government would like to do
comprehensive review of this proposal and therefore I withdraw the proposals in
para 138 and 139 on my budget speech. The proposal of 40 per cent exemption
given to NPS subscribers at the time of withdrawal remains," the Minister
said.
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