Remove Taxation of PF Interest - Introduced In Budget

Remove Taxation of PF Interest - Introduced In Budget

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Ramesh K started this petition to Nirmala Sitharaman (Defense Minister of India) and

New tax policy that has been introduced in current budget ie. Interest on employee’s share of contribution to EPF on or after April 1, 2021 will be taxable at the stage of withdrawal if it exceeds Rs 2.5 lakh in any year. Will lead to additional tax liability to the working class.

Already working class has been taxed at 30% when corporate tax is 25%. When everyone was hoping that income tax would be reduced to 25%, there is an additional tax introduced on PF interest which is unfair.

GOI needs to promote employees to save more for their retirement as private sector doesn't have any pension but its on other way now. The only motive for employees to declare EPF was that PF interest is tax free and it would build a corpus for retirement but these kind of policy will discourage younger generation from saving, which will be disaster in future.

Working class is the only section which is paying tax promptly, kindly don't try to squeeze them more and more. Kindly revert back the decision and keep the PF policy untouched and unchanged forever.

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