Prime Minister Narendra Modi has asked finance minister Arun Jaitley to reconsider the budgetary proposal under which part of the interest on the Employees Provident Fund will be taxed at the time of withdrawal.
The EPF tax issue was discussed at a meeting between PMO and finance ministry officials took place on Thursday. Any decision taken on this may be announced by finance minister on the floor of the House as early as next week.
According to CNN IBN sources, Modi has asked Jaitley to revisit the proposed tax on 60 percent of the interest on withdrawals from the Employees Provident Fund.
Reacting to the development, the Congress said that “corrective measure in Budget is always a welcome step”.
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