In order to bring parity in tax treatment of various pension plans, Finance Minister Arun Jaitley’s budget has proposed that contribution made on or after April 1, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 per cent of the accumulated balance of such contributions on withdrawal shall be exempt from tax. In other words 60 per cent or the lion’s share of all subsequent contributions will be taxed.
Here’s what tweeple have o say about the decision.
Funding a home, marriage, medical expenses & education is “conspicuous consumption”? #RollBackEPF https://t.co/9qv7kdkz1I
— swati chaturvedi (@bainjal) March 1, 2016
India has a HRD Minister who is against Students & a Finance Minister who is against Middle class #RollBackEPF Do not rob old people #JNURow
— Chandra Borah (@chandraborah7) March 1, 2016
Finance Ministry is trying to confuse u with ‘No TAX on PPF’ & ‘NO Tax on EPF (if u earn less thn 15000/m)’ Govt of liars #RollBackEPF
— Kapil (@kapsology) March 1, 2016
Dear PM Sh @narendramodi, FM Sh @arunjaitley
1. Please do not deprive me of my retiral benefits
2. This is disappointing!
— Vijay Patil (@vsp888) March 1, 2016
After so much hard work middle class hardly saves money.EPF was sure saving, govt putting tax on that 2 #RollBackEPF Anti middle class Modi
— Ravi (@RR4900) March 1, 2016
Failing to deliver on the promises of job & reducing inflation, BJP govt now targets even the savings of middle class #Disgrace #RollBackEPF
— vikash purohit (@vikash_316) March 1, 2016