EPFO Likely to Announce Interest Rates for 2020-21 Tomorrow
News 18Employees’ Provident Fund Organisation will likely announce the interest rates on Provident Fund deposits for the financial year 2020-21 on March 4, following the Central Board of Trustees meeting in Srinagar. The retirement body had said that the 8.5 percent interest would be paid in two installments – 8.15 percent from debt investments and 0.35 percent from equity. Finance Minister Nirmala Sitharaman had announced during her Budget 2021 speech that depositors investing more than Rs 2.5 lakh in EPF in a year would have the interest liable for tax. “In order to rationalise tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of Rs 2.5 lakh,” Sitharaman said during the Budget speech on February 1.