Budget 2016-17 surprise: EPF will now be partially taxable

Posted by & filed under Budget 2016.

The changes announced by the finance minister Arun Jaitley in the Budget can reduce your retirement savings significantly when you withdraw it. The FM has made Employee Provident Fund (EFP) and National Pension Scheme (NPS) withdrawals on retirement partially taxable. The EPF until now followed a exempt-exempt-exempt taxation structure. This means, there was no tax on investment, on interest accrued and… Read more »