The government today has clarified that the popular public provident fund (PPF) scheme will continue to stay out of the tax ambit and that tax will be levied only on accrued interest on 60 percent of employee provident fund (EPF) contribution. This was confirmed by Revenue Secretary Hasmukh Adhia who spoke to PTI, a day after the Union Budget set the cat among the pigeons when the Finance Minister vaguely referred to tax being referred to PF schemes. Further, small salaried employees with up to Rs 15,000/month income will be kept out of purview of proposed taxation of EPF.
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