Government decides to split accounts to tax Provident Fund income
The Hindu
Finance Ministry notifies new Income Tax rules.
The government has decided to split existing Provident Fund (PF) accounts into two separate accounts in order to operationalise the new arising out of employee contributions exceeding ₹2.5 lakh a year. The Finance Ministry notified new Income Tax rules to this effect on Tuesday, but experts said this could prove to be an administrative nightmare for the Employees’ Provident Fund Organisation (EPFO) and a few thousand employers who manage their workers’ EPF savings in-house. Also read |
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