Employers' provident fund contribution tax norm creates confusion
While employees were to pay tax by March 31, they did not have the interest rate on EPF for the year available with them. (Representative image) NEW DELHI: Before deciding to tax interest earned by private sector employees contributing over Rs 2.5 lakh towards provident fund from April 2021, the government had decided to bring employers’ contribution of over Rs 7.5 lakh towards retirement savings into the tax net last year. In the previous year’s Budget, finance minister Nirmala Sitharaman had decided to tax employers’ contributions to provident fund, National Pension System (NPS) and ...
Source: indiatimes.com