Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings
Profits made, has to be spent or paid tax for!
The benefit of full tax exempt on EPF corpus withdrawal after 5 years of continuous service has been lifted. Now, 60% of employee contribution towards EPF corpus after 1.4.2016 would be taxable, if the EPF is not used for buying an annuity. This has been done to balance the extra perks given to the NPS. (Not so happy now, are you?)
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