The story so far: The long wait of subscribers of the Employees’ Provident Fund Organisation and those who retired after September 1, 2014, to apply for higher PF pension under the Employees’ Pension Scheme of 1995 came to an end on February 27 with the Organisation providing a web link on its members’ page. Even though employers, in many instances, …
Over 1.23 lakh high net worth individuals deposited over ₹62,500 crore into their employees’ provident fund accounts in 2018-19 alone, and the largest EPF account has a staggering ₹103 crore balance, sources in the Department of Revenue said on Thursday, defending the Budget move to tax the income on employees’ PF contributions over ₹2.5 lakh a year. “Since any tax …
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 …
