Thursday, February 4, 2021

Taxation of Interest on PPF

#Incometax #Budget
Union Budget 2021 has introduced provision that makes interest on employee contributions exceeding Rs.2.5 lakhs a year to the Employees’ Provident Fund as taxable w.e.f. April 2021. This also covers contribution by Government employees towards GPF.
However, the provision is going to impact only High net worth individuals since Interest above 2.5 lakhs can be earned P.A. only when you are having corpus of 28 lakhs+.
Exact Provision along with clarification will be rolled out soon.

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