Finance Ministry defends EPF’s tax-free thresholds
The Hindu
‘The total threshold for private sector employees is at ₹10 lakh’
The Finance Ministry has strongly defended its decision to grant a by government employees, compared to private sector workers whose income on annual contributions beyond ₹2.5 lakh will be taxed from this year. “I would like you to clarify this. There are two ways the contribution can be made — by the employer and by the employee. In case where the contributions are made by both of them, the employers’ contribution up to ₹7.5 lakh is exempt and for employees, it’s ₹2.5 lakh. So the total threshold for private sector employees is at ₹10 lakh,” Revenue Secretary Tarun Bajaj explained.
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