POSTED BY September 25, 2010 11:24 am COMMENTS (9)ON
Recently there is a news that the increase in EPF interest of 1% will be taxable . How sensible , ethical is this to tell now after the news of increase in interest rates , Is it killing the happyness later by Govt ? Read this
“NEW DELHI: The government’s surprise gift for workers isn’t much of a gift after all. The labour ministry has hiked the employees’ provident fund, or EPF, rate to 9.5%, but a finance ministry notification says that anything in excess of 8.5% will be taxed.
The labour ministry is, however, confident that the tax department will renotify the higher rate, as otherwise a lot of contentious issues will come up. Labour Minister Mallikarjun Kharge had declared a 9.5% bonanza on provident fund deposits on September 15 — marking a one percentage point increase in the rate from the 8.5% paid in the last five years. “