The central government has laid out a plan to impose taxes on Employees Provident Fund contributions above Rs 2.50 lakh in a year. On the contrary, if a government employee contributes Rs 6 lakh to provident fund, Rs 1 lakh is going to be taxed under the rule. With this new amendment, the government wants to curb high income earners …
Employees making contributions of more than ₹2.5 lakh a year into their Provident Fund accounts, will have to include the interest attributable to the investments exceeding ₹2.5 lakh in their annual income starting 2021-22 and file tax returns accordingly, Central Board of Direct Taxes chief PC Mody told The Hindu. The Union Budget has proposed tax on interest income on …
