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Budget 2021: Govt to tax interest income on PF contribution above Rs 2.5 Lakh
11 views | Feb 02, 2021, 09:23:27 AM | TOI.in
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The 2021 budget has proposed to tax the interest income earned on various provident funds. Interest earned while making a contribution to the employee provident fund is not taxable if you withdraw at the time of termination after completing five years. There is one change that has been introduced. If you make a contribution to employee PF and if the fund exceeds Rs 250,000. Any interest on that contribution over and above Rs 250,000 is now taxable. One has to pay tax on any interest on this additional amount even if it is withdrawn after five years. The government will notify the rules to clarify the process of calculating the taxable value.
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