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Monday, March 07, 2016

Serious resentment among employees against Budget proposal to levy Income Tax on withdrawal of 60% of provident Fund

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Serious resentment among employees against Budget proposal to levy Income Tax on withdrawal of 60% of provident Fund
NFIR
National Federation of Indian Railwaymen
3, CHELMSFORD ROAD, NEW DELHI – 110 055
Dated: 05/03/2016
Shri Narendra Modiji
Hon’ble Prime Minister of India,
152, South Block,
Raisina Hill
New Delhi – 110011

Sub: Serious resentment among employees against Budget proposal to levy Income Tax on withdrawal of 60% of provident Fund – reg.

The employees in general and Rail Workforce in particular are extremely unhappy over the Budget proposal presented by the Hon’ble Finance Minister to impose Income Tax on 60% of Provident Fund withdrawals. This proposal if enforced would cause harm to the workers at
their fag end of service on superannuation.

Hon’ble Prime Minister may please appreciate that the employee withdraws his/her legitimate Provident Fund for meeting the requirements of Children Education, Construction of house or for the purpose of performing marriages of children. Levying Income Tax on these
withdrawals that too when the Provident Fund amount is recognized to be the property of the worker, would be unethical. The employees are deeply disappointed over the Budget proposal to impose Income Tax on P.F. withdrawal.

NFIR, therefore appeals to the Hon’ble Prime Minister to kindly intervene and see that the above proposal is reconsidered and withdrawn in the interest of industrial peace in the Country.

Yours sincerely,
sd/-
(Dr.M.Raghavaiah)
General Secretary

Cental Government decides to withdraw tax on Provident Fund

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"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/

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