Minister of State for Finance Jayant Sinha clarifies on tax on EPF withdrawals

Facing wrath from all quarters after Finance Minister Arun Jaitley announced that 60 percent of the employee contribution to Provident Fund will be taxed on withdrawal, Minister of State for Finance Jayant Sinha said a clarification will be issued soon. "We have noted concerns about changes in tax treatment. Full clarification with FAQs will be issued shortly. Have proposed prospective changes in Budget. Existing savings are not impacted in any way," Sinha said.

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