Finance Minister Arun Jaitley rolls back Budget proposal to tax EPF

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March 8: In what will bring cheers to tens of thousands of salaried class individuals in the country, Finance Minister Arun Jaitley on Tuesday rolled back the controversial budget proposal to tax EPF withdrawals.

Clarifying government’s stand on EPF in Lok Sabha, Jaitley said, “Our intention was to encourage more and more employees to join NPS scheme.”

Jaitley in his Budget for 2016-17 had proposed that 60 percent of the withdrawal on contribution to employee PF made after April 1 this year will be subject to tax. This would apply to superannuation funds and recognised provident funds including EPF.

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