Union Budget 2016-17: FM Mr. Arun Jaitly Rolls Back Proposal to Income Tax Provident Fund..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
Trending
Powered by Blogger.
Tuesday, March 08, 2016

Union Budget 2016-17: FM Mr. Arun Jaitly Rolls Back Proposal to Income Tax Provident Fund..!


There is at present no tax on withdrawal from employee provident funds and other superannuation funds. In the recent budget, the government has proposed that withdrawal in excess of 40% of the accumulated corpus will be taxed.

"In view of the representation received, the government would like to do a comprehensive review of this proposal and therefore I withdraw this proposal," finance minister Mr. Arun Jaitley said in a statement in the Lok Sabha.

The prime minister Mr. Narendra Modi's office had also been in favour of the withdrawal that had dominated the post budget debate.

The government has also withdrawn the proposal to limit tax-free contribution by the employer to the provident fund of an employee to Rs 1.5 lakh per annum.

The 40% rebate proposed for the National Pesnsion System (NPS) will however continue. NPS is at present fully taxed on withdrawal. This is a relief for NPS subscribers.

Union Budget 2016-17: FM Mr. Arun Jaitly Rolls Back Proposal to Income Tax Provident Fund..! Reviewed by S. Chitra on March 08, 2016 Rating: 5 There is at present no tax on withdrawal from employee provident funds and other superannuation funds. In the recent budget, the government...

No comments:

Google+ Followers

ValarThozhil - November 2017