Change / This new rule regarding PF will be applicable from 1st April, find out what effect it will have on you

 Change / This new rule regarding PF will be applicable from 1st April, find out what effect it will have on you

A new rule regarding PF is going to be implemented from April 1. This rule will particularly affect those who have higher incomes and contribute more to the EPF. In fact, it was announced in the budget that people who have an annual contribution of more than Rs 2.5 lakh in PF in any financial year will not get tax exemption on their interest.

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This rule of PF will be applicable from 1st April

In his budget speech for 2021-22, Sitharaman said that in order to rationalize the exemption on income earned by high-income employees, it has now been proposed to increase the tax deduction limit on interest earned on employees' contributions to various provident funds to Rs 2.5 lakh per annum. Limited to. This will come into effect from April one.

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"We are not undermining the rights of any employees," the minister said after the budget. But if someone deposits Rs 1 crore in an account and charges 8 per cent interest, I don't think this is appropriate and so we have imposed a limit.

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The government's claim will affect one per cent of employees

The government claims that less than one per cent of employees will be affected. Expenditure Secretary TV Somnath said that in fact more than 2.5 lakh people are leaving, their number is less than one per cent of the total number of contributors to the EPF. The number of shareholders of Employees Provident Fund Organization (EPFO) is six crores.