✍After a week the
announcement of Budget 2016, Finance Minister Arun Jaitley on Tuesday came
back his controversial Budget proposal to tax Employees' Provident Fund (EPF)
withdrawal. Finance Minister had announced that 40 per cent of the total corpus
withdrawn from the EPF
would be tax-exempt and the balance 60 per cent
would be taxable unless the amount is used to buy an annuity product. Mr. Jaitley
also took back his earlier proposal to tax contribution made by an employer
beyond Rs 1.5 Lakh a year to EPF. Both the proposals had drawn strong protest
from the Opposition, trade unions and the salaried class.
✍ In his statement, Finance
Minister stated that a number of representations had been received from various
sections of the society, including MPs, suggesting that this would force people
to invest in annuity product even if they were not willing to do so.
✍The Employee Provident Fund Organization
(EPFO) has around 37 million members across India. As many as 30 million of
them earn less than Rs 15,000 a month, who would not have been impacted by the
Budget proposals.
Get Quick Trial on Equity Tips, Stock Trading Tips
Zoid Research
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Subscribe For Free Trading Tips
No comments:
Post a Comment