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An ambiguous levy: The Hindu Editorial on tax on PF incomes

The proposed tax on PF incomes has its logic, but operational details need a revisit
Finance Minister Nirmala Sitharaman has stressed that Budget 2021-22 raises resources to push the economy without increased taxation. However, one change to the income tax law proposed in the Finance Bill, 2021, has triggered anxieties for the salaried class: withdrawing tax exemption on interest income accrued into Provident Fund accounts arising out of employee contributions exceeding ₹2.5 lakh ‘in a previous year in that fund,’ on or after April 1, 2021. The rationale some employees are contributing huge amounts into their PF accounts and getting tax-free incomes. Subsequently, the Revenue Department has pointed out the tax will only affect a small group of ‘high net-worth individuals’ (HNIs); the 100 largest employees’ PF (EPF) accounts had a combined balance of over ₹2,000 crore. It can be no one’s case that a social security scheme for formal sector workers should beco ....

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An ambiguous levy - The Hindu

The proposed tax on PF incomes has its logic, but operational details need a revisit ....

Nirmala Sitharaman , National Pension System , Revenue Department , Provident Fund , Finance Minister Nirmala Sitharaman , Finance Bill , An Ambiguous Levy , Proposed Tax On Pf Incomes , Operational Details , Budget 2021 22 , Increased Taxation , Change To The Income Tax Law , Salaried Class , Interest Income Accrued Into Provident Fund Accounts , Employee Contributions , High Net Worth Individuals , Social Security Scheme For Formal Sector Workers , Corporate Top Brass , Superannuation Funds , Government Employees Contributions , Nps Investments , Limited Retirement Savings Instruments , Annual Tax Returns , தேசிய ஓய்வூதியம் அமைப்பு , வருவாய் துறை , வருங்கால நிதி ,