Finance Minister Arun Jaitley today said the government will roll back its Budget proposal that sought to levy tax on withdrawal of funds from Employee Provident Fund (EPF).
The move, he said, was taken in keeping with feedback recieved after the move's announcement. The proposal had led to a furore amongst salaried class and was termed as regressive by many.
Speaking in the Parliament, FM Jaitley today said he would withdraw proposals mentioned in points 138 and 139 of the Budget speech.
Point no 138 had mentioned: "In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40 percent of corpus to be tax free will apply in respect of corpus created out of contributions made after 1.4.2016."
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The move, he said, was taken in keeping with feedback recieved after the move's announcement. The proposal had led to a furore amongst salaried class and was termed as regressive by many.
Speaking in the Parliament, FM Jaitley today said he would withdraw proposals mentioned in points 138 and 139 of the Budget speech.
Point no 138 had mentioned: "In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40 percent of corpus to be tax free will apply in respect of corpus created out of contributions made after 1.4.2016."
Read more at: http://www.moneycontrol.com