Roll back of 60% taxation of EPF/NPS withdrawal announced
However after severe criticism of the Government, the Finance Minister Shri Arun Jaitley has today in Lok Sabha announced the much anticipated roll back of the proposal as under
“In the present reform, the policy objective is not to get more revenue but to encourage people to join the pension scheme. There are various other suggestions received which can also achieve the same policy objective of encouraging people to join the pension scheme.
In view of the representation received, the Government would like to do a comprehensive review of the proposal and therefore I withdraw the proposal in paragraph 138 and 139 of my budget speech.
The proposal of 40% exemption given to NPS subscriber at the time of withdrawal remains.”
- No protective addition required when additions is confirmed in hands of searched person – ITAT
- Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC
- Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD
- For investment in share capital, source of investment is outside the control of the investee company
- ICAI issues revised Code of Ethics (13th edition)- Applicable Dates
