New Delhi: Finance Minister Arun Jaitley on Tuesday announced relief on the issue of tax on Employees’ Provident Fund (EPF) withdrawals, which was proposed in the Union Budget on February 29, 2016.
As per the announcement made by Jaitley in the Lok Sabha, the common man is liable for no tax on withdrawal from EPF and other superannuation funds.
In the recent budget, the government has proposed that withdrawal in excess of 40 percent of the accumulated corpus will be taxed.
The Finance Minister made it clear that the aim of Prime Minister Narendra Modi-led government is to create an insured India and presumptive taxes will benefit the small and medium taxpayers.
In his post-Budget 2016-17 interaction with industry chambers, Jaitley had pointed that the revenue department is doing an important job to make sure that people comply. (ANI)