Budget proposals will ease taxpayers' burden from April 1, say experts

But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet

The Union Budget proposed a number of changes to income tax rules that will come into effect from April 1. Here’s a look at the impact these new provisions will have on taxpayers.   

PF tax rules: At present, the interest received by an employee from Employee Provident Fund (EPF) is entirely exempt. From April 1, any interest earned on contribution exceeding Rs 2.5 lakh will be taxable at the person’s slab rate. 

Archit Gupta, chief executive officer (CEO) of Cleartax, says: “Even though the government has made interest on contributions above Rs 2.5 lakh taxable, EPF continues to be an attractive