YOU Will GET LESS SALARY PER MONTH NOW New Wage Code Impact | EPFO interest news NOW TAXABLE

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#theartofwealthbuilding #epfointerestnews
What EPF tweaks were introduced in budget?
Some high-earners were contributing large amounts to the EPF and enjoying tax-free interest on it every year. The Union budget has capped the tax exemption to interest on employee contributions up to ₹ lakh per annum, affecting those employees with a salary above ₹ lakh. For example, if an employee with a salary of ₹30 lakh contributes ₹ lakh to EPF, then the interest earned on ₹ lakh shall be taxable at the slab rate. Interest on contributions up to ₹ lakh shall continue to be tax-exempt.

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