FM Arun Jaitley rolls back EPF tax proposal

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Finance Minister Arun Jaitley on Tuesday announced he was withdrawing a controversial Budget proposal to tax 60% of EPF balances at the time of withdrawal. He also withdrew another proposal to tax  contribution made by an employer beyond Rs 1.5 lakh a year.  However, the proposal to not tax 40 per cent of money withdrawn from national pension system stays.

Earlier, he had said only 40% of the total accumulated EPF balance would be tax-free.

Read our full coverage on Union Budget 2016

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