Jait­ley de­fends EPF tax; roll­back de­mands grow

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Correspondent let­ters@hin­dus­tan­times.com

NEW DELHI: Fi­nance min­is­ter Arun Jait­ley on Wed­nes­day de­fended the govern­ment’s in­tent be­hind tax­ing em­ployee prov­i­dent fund (EPF) with­drawals even as the BJP’s al­lies and ri­vals raised the pitch for a roll­back.

The bud­get pro­posed that 40% of an in­di­vid­ual’s ac­cu­mu­lated cor­pus in the em­ploy­ees’ prov­i­dent fund (EPF) and the Na­tional Pen­sion Sys­tem (NPS) schemes would not be taxed at the time of with­drawal. This ef­fec­tively meant that the re­main­ing 60% of the cor­pus was tax­able.

Jait­ley said at an event or­gan­ised by Ra­jya Sabha TV that the govern­ment’s in­tent “was not to raise some rev­enue from this” but it wanted to “in­cen­tivise for a pen­sioned so­ci­ety”.

How­ever, he said he was con­sid­er­ing all the de­mands and would spell out the de­ci­sion when he replied to the de­bate on the bud­get in Par­lia­ment.

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