In Budget 2021, the Government has introduced a tax on interest on employee contribution to EPF over Rs 2.5 lacs in a financial year. The Government rationale is that many HNIs are taking benefit of tax-free interest by contributing heavily to the employee provident fund (EPF) account. Read this Economic Times article for more details. The Government feels it is not right … [Read more...] about Tax on EPF: Will the Interest on Taxable Interest be taxed?
The Finance Minister dropped a bomb on many in the salaried class by announcing tax on withdrawal of EPF (Employee Provident Fund) corpus at the time of retirement. There has been a lot of protest against this move by the Government. The Finance Ministry had to issue a clarification to assuage concerns of many investors. The Finance Minister has confirmed that the proposal of … [Read more...] about EPF Calculator: Impact of Budget Announcement