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Budget 2016: Govt Withdraws Proposal to Tax EPF Withdrawals

Finance Guru Speaks: Today Government announced in Parliament that the proposal to tax 60 per cent of Employees’ Provident Fund has been withdrawn.

Earlier, the Union budget for 2016-17 proposed taxing 60 per cent of withdrawals from the Employee Provident Fund (EPF) on contributions to be made after April 1, unless the sum is reinvested in pension product such as an annuity.

Indeed, it is a huge relief for the Salaried Class! :-)

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