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EPF tax row: Facing flak for proposing a tax on employees' provident fund withdrawals, Finance Minister Arun Jaitley said he will spell out the final decision on the matter when he replies to the debate on Budget in Parliament. After Budget 2016-17 proposed taxing 60 per cent of the withdrawal from Employees' Provident Fund (EPF) on contributions to be made after April 1, the government has hinted at a partial rollback. Here is what Arun Jaitley had to say about the EPF tax row:
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4. Aadhaar Bill: The Bill "will empower the states to distribute resources of the State to deserving people and save the resources that undeserving people get," the Arun Jaitley said while replying to short debate on the Aadhaar (Target Delivery of Financial and Other Subsidies, Benefits and Services) Bill, 2016'. The FM said that till a few months ago, he himself was a beneficiary of LPG subsidy which he should not be entitled to. So the Bill will help weed out undeserving beneficiary from government subsidy scheme. "The purpose of the Bill is not for collateral purpose but to ensure that benefit of public revenue reach the targeted beneficiary," he added. (PTI)
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2. Arun Jaitley on EPF tax row: The EPFO has about 3.7 crore members of which about 3 crore members are those in the earning category of Rs 15,000 and below (statutory wages). For them there is no change. It is only those private sector employees who have just joined that this will impact them.
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3. Arun Jaitley on EPF tax row: Now there has been some reactions. When the debate comes up in Parliament I will give the government's response as to what decision we finally take in this matter.
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THERE ARE LIMITATIONS ON WITHDRAWAL WHEN YOU RESIGN<br> If you have left a job where you maintained your EPF account, you cannot immediately withdraw the accumulated money. You need to be without a job for two months at the least to claim your accumulated money. You have to give a declaration on the same. In case you take a new job, the EPF account can be transferred and fresh contributions be made in them from your salary.</br>
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5. Arun Jaitley on EPF tax row: There is also a change in the law that when inheritance comes in there is no tax payable. This was intended to incentivise people in the private sector also to use it as a kind of pension fund and to disincentive those who otherwise would indulge in consumption of that fund this move was made.
e-Aadhaar app launch in India: Update your date of birth, address and phone number instantly with the upcoming all-in-one app
