Govt withdraws proposed tax on EPF withdrawals
Finance Minister Arun Jaitley on Tuesday announced in the Parliament that the proposed taxation on the Employees' Provident Fund (EPF) will be withdrawn, amid opposition from employee and trade unions. In the Union Budget 2016-17, Jaitley had proposed a retirement tax at the time of withdrawal of the EPF on 60% of the contributions made after April 1, 2016.  