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Tax on EPF interest proposed in Budget 2021: What it means for you
Up to ₹2.5 lakh has been kept as the deposit limit for which interest is tax exempt, finance minister said
2 min read We are not reducing any workers right, said finance minister Nirmala Sitharaman
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Finance minister Nirmala Sitharaman announced in Budget 2021 that interest on employee contributions to provident fund of over ₹2.5 lakh per annum would be taxed, starting from 1 April. In order to rationalise tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of ₹2.5 lakh, Sitharaman said in her Budget 2021 speech.