Like our Facebook Page

news details

Finance Ministry to offer relief from tax as PM intervenes 3/7/2016 12:03:25 AM Agencies New Delhi, Mar 6: Sensing the outrage among salaried class on the Budget proposal to tax EPF withdrawals, Prime Minister Narendra Modi is reported to have intervened, following which the Finance Ministry has reviewed the proposal and is likely to offer some relief to taxpayers. As per reports, the Finance Minister was to make a statement on the revised proposal in the Parliament on Friday, but both the Houses were adjourned due to former Speaker P A Sangma's death. The government is likely to announce some relief on the EPF withdrawal tax, if not complete rollback, as early as Tuesday, when the House reassembles. Meanwhile, Labour Minister Bandaru Dattatreya today said that he is holding discussions on the controversial budget proposal to tax EPF withdrawals with the Finance Ministry and government will reveal final details on the issue during the debate on Budget. "As the Labour and Employment Minister, I am discussing with the stakeholders and also I am discussing with the Ministry of Finance and we are in touch with all concerned people, including trade unions. "So, now all these things will be revealed out at the time of the debate of the Finance Budget in the Parliament itself by Finance Minister (Arun Jaitley)," he said. Jaitley in his Budget for 2016-17 had proposed that 60 percent of the withdrawal on contribution to employee PF made after April 1 this year will be subject to tax. This would apply to superannuation funds and recognised provident funds including EPF. The proposal has come under attack from parties, unions and other stakeholders. Stepping up pressure on the Centre, Congress Vice President Rahul Gandhi today said he will continue to fight till it rolls back the proposal for levying tax on EPF withdrawals. Following a backlash from employees union and political parties, Jaitley has already signalled willingness to reconsider the proposal.   Share This News with Your Friends on Social Network     Comment on this Story

top stories of the day

Corruption cases rising in JK Blue-eyed enjoy attachments in different offices, DSEJ mum Mehbooba ignores state BJP leaders Wants PDP to elect Legislature Party leader first Govt formation hits roadblock When City is on high alert, 'Hon'ble Speaker' is dancing JK to reel under darkness as APDRP misses yet another deadline Despite termination of 100 doctors, indiscipline galore in Health deptt Time to tell Pakistan enough is enough Govt starts process of rectifying mistakes in ration cards BJP starts addressing PDP’s ‘concerns’ DC awaits preliminary probe report, accused officials unmoved Palladium ruins calling: 25 yrs on, authorities remain indecisive Meant for North, fertilizer dealers dump stock in South Kashmir After yrs of nuisance, NBCC hijacking city's sanitation for undue payment Following reprimand by Guv, I&FC officials take up dredging works on war footing basis People protest against PHE deptt, block road Traffic snarls make life hell for residents CEO orders transfer of 240 teachers NHAI to book traffic violators, encroachers

STOCK UPDATE

BSE Sensex NSE Nifty

CRICKET UPDATE