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Take-home salary may come down
Any changes to PPF contributions will need amendments in the PPF Act.
Payout reflects the effect of pandemic
The decision to tax interest earned from provident fund contribution of over Rs 2.5 lakh a year is likely to affect only 0.23% of 45 million subscribers.
Around Rs 825 crore is deposited in the accounts of top-20 rich investors.
Budget 2021 has removed the tax exemption status to interest accrued on investments in employees provident fund exceeding Rs 2.50 lakh per annum.
According to the EPF rules, for buying a house, flat or under construction property, you can maximum withdraw up to 90% of the accumulated balance in one's EPF account, subject to the cost of asset to be acquired.
The amount of disbursals under COVID-19 claims to subscribers is a sizeable amount of over one fifth of the total disbursement during the period by the EPFO.
EPFO, the retirement fund body, has over six crore members. It has credited interest of 8.5% for 2019-20 to its members. Members can view their account details online and see the amount credited. Here are the steps that you need to follow to check your account balance: — Visit the EPFO website (www.epfindia.gov.in) and click […]
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