Finance Minister Nirmala Sitharaman has announced in the Union Budget 2021-22 that PF contributions over Rs 2.5 lakh in a financial year will be taxable from the next financial year.
To curb wealthy people from parking excess money in Provident Funds (PFs) to earn higher tax-free interest, Finance Minister Nirmala Sitharaman has announced in the Union Budget 2021-22 that PF contributions over Rs 2.5 lakh in a financial year will be taxable from the next financial year.
“The budget 2021 has placed a strong emphasis on infrastructure development be it social, physical, or financial infrastructure to re-energise the Covid-hit economy. On the direct tax side, changes pertain to simplification of REITS & InVITS and compliance related announcements,” S Ravi, Former Chairman of Bombay Stock Exchange, Founder & Managing Partner a of Ravi Rajan & Co.
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