Tax on EPF
GUWAHATI, March 3: Chief Minister Tarun Gogoi said that the budget 2016-17 announcement where in the government has proposed to impose a tax on 60% of the corpus at the time of withdrawal of the Employees Provident Fund amount after retirement is going to affect employees badly. In a statement here on Thursday, Gogoi said that the Employees’ Provident Fund is a retirement benefit scheme that is structured to provide fincial security to employees, and imposing tax on the amount is going to hurt the employees hard. He further said that EPF is tax-free at all the three stages of investing, interest accumulation, and withdrawal and imposing tax on EPF will affect the future of the employees. Gogoi also said, “The move of the Centre has direct bearing on the security of the retired employees and urgeed upon the Centre to roll back this budgetary announcement soon”.