Jaitley Rolls Back Proposal to Tax EPF, Opposition Welcomes Move

Finance Minister Arun Jaitley rolled back the controversial proposal to tax EPF at the time of withdrawal.

Finance Minister Arun Jaitley rolled back the controversial proposal to tax the employees’ provident fund (EPF) at the time of withdrawal. (File photo: Reuters)

In the face of all-round attack, Finance Minister Arun Jaitley, on Tuesday, has rolled back the controversial proposal to tax the employees’ provident fund (EPF) at the time of withdrawal.

He made a suo motu statement in the Lok Sabha in which he also announced the withdrawal of imposing monetary limit for contribution of employers to provident and superannuation fund of Rs 1.5 lakh.

Leaders across the political spectrum welcomed the move and called it a step towards providing relief to the working class people of the country.