Congress Protest Over EPF Taxation Proposal Outside Jantar Mantar

Congress workers staged protest at Jantar Mantar against the proposal to tax Employee’s Provident Fund (EPF) withdrawals. Union Finance Minister Arun Jaitley in his Budget for 2016-17 had proposed that 60 per cent of the withdrawal on contribution to employee PF made after April 1 this year will be subject to tax. This would apply to superannuation funds and recognized provident funds including EPF. EPFO has a subscribers’ base of over five crore and manages a corpus of over Rs 8.5 lakh crore. Its incremental deposits are expected to touch Rs 1.15 lakh crore during the current fiscal.

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