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Salaried class panic after Centre imposes 60% tax on PF contribution - CNN

Tue, Mar 01, 2016, 06:19 AM
The Union Budget for 2016-17 seeks to impose a retirement tax at the time of final withdrawal on 60 per cent of Provident Fund (PF) contributions made after April 1, 2016. Clarifying government's stand on taxable PF, Union Environment Minister Prakash Javadekar said, "Let me make it clear that this is not a retrospective taxation. It is a futuristic plan, which will be implemented 20-30 years down the line because from 2016 whatever you will put in as a new PF contribution that will be taxable at the end of your employment career".
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