Finance Minister Arun Jaitley withdraws Budget proposal to tax EPF

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Union Finance Minister Arun Jaitley on Tuesday announced he was withdrawing the proposals to tax the EPF adding that the government would like to conduct a comprehensive review.

Speaking in the Lok Sabha, Jaitley said that his intention was to encourage a pensioned society.

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Jaitley, however, added that the tax proposal for NPS scheme had been retained.

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An online petition was launched against the government’s proposals to tax the EPF in the Budget. The petition, which had gone viral was seeking urgent and immediate withdrawal of EPF Tax just a day after it was announced in the Budget.

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Budget for 2016-17 had sought to impose a retirement tax at the time of final withdrawal on 60 per cent of contributions made after 1 April, 2016, to EPF and other schemes.

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