Cental Government decides to withdraw tax on Provident Fund

"Prime Minister has recommended the Finance Minister to stop the tax on the PF withdrawals, and to conduct a thorough study on this."


Centre decides to withdraw tax on Provident Fund

News have surfaced that the Prime Minister has instructed the Finance Minister to put a hold on the proposed plan to impose taxes on PF withdrawals. Finance Minister Arun Jaitley is expected to make an official announcement in this regard shortly.

Employee unions all over the country have been vehemently opposing the proposed tax on the withdrawals made on the most important savings of a worker, from the moment the announcement was made. Most employees depend on their provident fund savings to meet some of the most important expenses of their lives, like medical, marriages, building a house, etc. The decision to impose tax on these withdrawals was condemned by all.

Jaitley had announced a tax on 60 percent of the Employee Provident Fund, and Public Provident Fund. The government has now said that they had planned to impose tax only on the PF Interest. But, there was strong opposition for this too. Demands were made to withdraw this tax.

According to information available, Jaitley had informed at the meeting of the MPs that the Prime Minister will have to decide on this. Meanwhile, the Prime Minister has recommended the Finance Minister to stop the tax on the PF withdrawals, and to conduct a thorough study on this. Arun Jaitley is expected to take the required action after consulting with the officials of his ministry. The Prime Minister’s intervention has restored the peace of mind of more than 60 lakh Government employees.

Source: http://7thpaycommissionnews.in/

TOP 10 POSTS
HOW TO CALCULATE 7TH CPC REVISED PAY AS PER 7TH PAY COMMISSION? 

7TH PAY COMMISSION EXPRESSED ITS REGRET ABOUT TRANSITION FROM OPS TO NPS 

AICPIN FOR THE MONTH OF JANUARY 2016 - EXPECTED DA FROM JULY 2016 

RECOVERY OF WRONGFUL & EXCESS PAYMENTS MADE TO CG EMPLOYEES - DOPT ORDERS 2.3.2016 

NC JCM STAFF SIDE MEETING WITH CABINET SECRETARY ON STRIKE CHARTER OF DEMANDS ON 1.3.2016 

Rs.70000 CRORES SET ASIDE TO IMPLEMENT 7TH PAY COMMISSION RECOMMENDATIONS 

PAY MATRIX TABLE FOR CENTRAL GOVERNMENT EMPLOYEES 

GOVERNMENT REJECTED DEMAND FOR RAISING OF BONUS PAYMENT CEILING TO CENTRAL GOVERNMENT EMPLOYEES 

7TH CPC LATEST NEWS - BPMS PROTEST FOR MINIMUM PAY 24000 AND FITMENT FORMULA 3.42 

CGEGIS TABLE 2016 DOWNLOAD - BENEFITS OF SAVINGS FUND FROM JAN 2016 TO DEC 2016

Comments

Popular posts from this blog

Central Government Office Holiday List 2023 - DoPT Order PDF Download

7th CPC Pay Fixation on Promotion/MACP Calculator with Matrix Table

Revised Pay Scale from 1.7.2017 for Karnataka Govt Employees