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After much heckling from all quarters, the Union Government has seen reason and taken steps to withdraw the tax clamped on EPF withdrawals.
Earlier, the government had taxed 60 per cent of the withdrawals from the EPF by the employees.
All hell had broken loose on clamping the tax on employees.
The employees have only one source of getting some cash throughout their career. That is on superannuation when they can withdraw the EPF accruals in bulk. It was this benefit that was taxed.
Finance Minister Arun Jaitley announced in the Lok Sabha on Tuesday that he was withdrawing the tax. It seems Prime Minister Narendra Modi had prodded him to fall in line.
Earlier, the government had taxed 60 per cent of the withdrawals from the EPF by the employees.
All hell had broken loose on clamping the tax on employees.
The employees have only one source of getting some cash throughout their career. That is on superannuation when they can withdraw the EPF accruals in bulk. It was this benefit that was taxed.
Finance Minister Arun Jaitley announced in the Lok Sabha on Tuesday that he was withdrawing the tax. It seems Prime Minister Narendra Modi had prodded him to fall in line.
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