New tax on PF interest to affect 0.27% customers: Report

The new tax on PF interest to affect 0.27% customers: Report

According to reports, the government's proposal to tax the interest earned by the Employees Provident Fund (EPF) subscribers, who contribute more than ₹ 2.5 lakh annually, will affect only 0.27% of the customers. Of the EPF customers, 4.5 crores, only 1.23 lakh contributors are 'high net worth individuals', the report said. Officials said that such individuals had a total deposit of ₹ 62,500 crore in 2018-19.