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Tax on EPF withdrawals: Fince ministry clarifies

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  2 March 2016 12:00 AM GMT

NEW DELHI, March 1: After much confusion and outrage over the budget proposal to tax employee provident fund (EPF) withdrawal, the Fince ministry clarified on Tuesday that 60 percent corpus will be taxed only if withdrawn in lump sum instead of being invested in annuity after maturity. The move was aimed to encourage private sector employees to go for pension security after retirement instead of withdrawing the entire money from the fund account. It also said the Fince minister will consider suggestions being made and take a view in due course.

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