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EPF tax on withdrawal: Online petition goes viral, over 100,000 people support campaign

Thu March 03 2016, 7:12 am
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    EPF tax on withdrawal: An online petition against retirement tax has received over one lakh signups seeking urgent and immediate withdrawal of EPF tax within 48 hours after it was announced in Arun Jaitley's Budget 2016. The petition was started by a finance professional from Gurgaon, Vaibhav Aggarwal, and over 1 lakh people have supported the campaign and it continues to draw thousands of signatures very hour.

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    EPF tax on withdrawal: "My Change.org petition has picked up like wildfire because it resonates with every salaried person who is already burdened with multiple taxation like income tax and indirect taxes. The government's decision to tax EPF is a draconian move and a killer blow," Aggarwal said.

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    EPF tax on withdrawal: Meanwhile, facing flak for proposing a tax on employee provident fund withdrawals, Finance Minister Arun Jaitley today said he will spell out the final decision on the matter when he replies to the debate on Budget in Parliament.

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    EPF tax on withdrawal: After Budget 2016-17 proposed taxing 60 per cent of the withdrawal from Employee Provident Fund (EPF) on contributions to be made after April 1, the government yesterday hinted of a partial rollback.

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    EPF tax on withdrawal: Vaibhav's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly. "Vaibhav's petition has drawn 1 lakh signatures in just 2 days. This is one of the most viral petitions on Change.org in recent times. We hope that the Finance Ministry responds positively to the concerns of all those who have signed this petition," Preethi Herman, Country Lead of Change.org said.

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    Budget 2016: A member of the EPFO’s Central Board of Trustees on Wednesday alluded to the government’s push towards annuity-based pension schemes being done to create a market for insurance companies.

  1. M
    Manish
    Mar 2, 2016 at 6:31 pm
    I believed in Modi wheartedly in LS elections and voted for nalayak candidate of BJP. Voted for nalayak BJP candidate even in state embly elections... But with this EPF tax decision, I am now a hardcore anti-BJP voter...an I will turn 50 others to be anti-BJP voter. What Congress and Rahul-baba couldn't do in all these years, Jaitley has done in one day... Make a huge dent in BJP vote bank From this date till, I am not going to vote for BJP in ANY election. Period. Dear FM, Instead of squeezing current 3% tax payers, Govt should find ways to bring in 6% people in income tax net and reduce burden for those 6%. Please bring shopkeepers in tax net. Even a small kirana-wala makes lot of money and never pays any tax. KEEP EPF PRINL AND INTEREST TAX FREE. NO DISCUSSION. PERIOD.
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