Epf Tax Exemptions

The government has decided to reduce the tax benefits on PF, in a move to target high-income earners who benefit from the scheme.

Accumulated balance of an EPF (Employee Provident Fund) account only up to the date of leaving employment will be exempt from income tax, says a tax expert.

Employee Provident Fund Organisation payments can now be made to the beneficiaries through electronic or online fund transfer system.

Tax exemption of up to 40 per cent of the retirement corpus at the time of withdrawal under NPS is a big step by the government and going forward, there may be more parity between existing pension schemes, PFRDA Chairman Hemant G Contractor said on Wednesday.

The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals, a Finance Ministry official said on Friday.

The government has decided to reduce the tax benefits on PF, in a move to target high-income earners who benefit from the scheme.

Accumulated balance of an EPF (Employee Provident Fund) account only up to the date of leaving employment will be exempt from income tax, says a tax expert.

Employee Provident Fund Organisation payments can now be made to the beneficiaries through electronic or online fund transfer system.

Tax exemption of up to 40 per cent of the retirement corpus at the time of withdrawal under NPS is a big step by the government and going forward, there may be more parity between existing pension schemes, PFRDA Chairman Hemant G Contractor said on Wednesday.

The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals, a Finance Ministry official said on Friday.