88 percent citizens want EPF rollback
Attached, please find results of the poll on rollback of proposed EPF taxation. The same has been shared with key stakeholders in the Government. You are welcome to save the image and circulate it to your contacts on whatsapp, facebook, email etc for broader awareness and so the end result desired by citizens is acheived. Also, below are your inputs on making EPF more citizen friendly which are being shared with the key stakeholders in Government as well.
If you have additional inputs on the subject, please share.
Citizen Inputs on making EPF better
1. There should be no tax on EPF withdrawal after the age of 60 years
2. If EPF is withdrawn before the age of 60 years, only then tax should be applied on it
3. A part of EPF should be allowed to be withdrawn in case of an emergency
4. Taxing 60% of the EPF withdrawal will leave limited incentive for citizens to contribute to Provident Fund
5. Deduction of EPF should be made voluntary and not mandatory
6. PF interest rates should be hiked after retirement age
7. If PF is not withdrawn for a certain predefined period, a bonus must be given
8. Bonus should be increased with increase in period of non-withdrawal
9. The process of EPF withdrawal or deposit should be made online like other developing countries
10. Employees should be allowed to withdraw 90% of EPF amount including employer’s contribution one year before retirement for purchase of a house
11. The employee should be allowed to take tax-free loan from their EPF for marriage and education of children provided it is paid back within a certain time period. more
If you have additional inputs on the subject, please share.
Citizen Inputs on making EPF better
1. There should be no tax on EPF withdrawal after the age of 60 years
2. If EPF is withdrawn before the age of 60 years, only then tax should be applied on it
3. A part of EPF should be allowed to be withdrawn in case of an emergency
4. Taxing 60% of the EPF withdrawal will leave limited incentive for citizens to contribute to Provident Fund
5. Deduction of EPF should be made voluntary and not mandatory
6. PF interest rates should be hiked after retirement age
7. If PF is not withdrawn for a certain predefined period, a bonus must be given
8. Bonus should be increased with increase in period of non-withdrawal
9. The process of EPF withdrawal or deposit should be made online like other developing countries
10. Employees should be allowed to withdraw 90% of EPF amount including employer’s contribution one year before retirement for purchase of a house
11. The employee should be allowed to take tax-free loan from their EPF for marriage and education of children provided it is paid back within a certain time period. more
Viewed by 11329
View all 43 comments Below 43 comments
EPF should not be taxed. This is the only provision that wage earners can make for their old age. Employees' and employers' contribution must be treated alike : neither should be taxed and even after the employee takes up a new job, it ( total of both contributions) should be transferred to his account. The basic contribution to the EPF should continue to be compulsory. The employee should have a right to increase his contribution to the EPF which should be matched by the employer's contribution. This option should be for at least one year : the employee may exercise this option only at the beginning of a financial year only and he can change the option either to increase or decrease his contributio ( only beyond the basic contribution ) from the next financial year. THE INFLATION, THAT HAS BECOME AN UNCHANGEABLE FACT OF LIFE, IS BOUND TO DECREASE THE VALUE OF THE FUNDS IN THE EPF ACCOUNT. TAXING IT FURTHER WILL COMPLETELY DESTROY ITS VALUE AS AN ANCHOR FOR THE OLD AGE. more
Mar 16
This is good.Additionally Senior Citizens should be given higher Interest rates atleast 1% more than common people.Also income tax rebate of 3Lacs should be increased to 3.5 lacs atleast so that they can lead better life. more
Mar 11
one is roll back and the other is made it for any employee leaves job he will get his own only. who will leave job if employee and employer relation is not good or for future prospects. Then as per new rule it will be transferred to another concern A/c on his unique number of same PF number. Now again government says his share only he will get.. Its employers hard earned money .why it is so? more
Mar 10
swaminathan dandapani The Finance ministry write off Public sector loans which is around 2.5 Lac crores and and no plan to collect those money from defaulters and try to push taxtation to EPF which is only saving for the middle class and working community. Similary tax is implemented for every gold purchase. If the govt have capacity to fix the Gold price without any fluctuation,taxtation have some meaning, But it is under fluctuation in higerside high tax is credited to the Govt Account. Most of the family those who have daughter they started gold saving scheme for her marriage purpose. It is totally against the middle class and working community. If the taxtation is implemented every 2 lacs purchase of gold is fair decision. The finanace ministry should think: how all nationalised Banks collect money from the defaulters, out of 2.5 lac crores how much amount credited in the Swiss bank. It is the top most priority rather than implement taxes against the poor people. more
Mar 10
A good decision ,though taken late,for which Rahul Gandhi is now claiming the credit.Middle class / employees is the backbone of the party.India experienced the best rule of Vajpaiji for 5 years.He could not succeed in the next election as The Income Tax ceiling was not raised in the last budget presented.This is the opinion I gathered from my fellowmen at the time more
Mar 10
