 "cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings")
The Employees’ Provident Fund Organisation (EPFO) has issued guidelines on levying tax deducted at source (TDS) on interest earned from an EPF account where the contribution exceeds Rs 2.5 lakh in a fiscal year.
According to the April 6 circular, TDS deduction will begin from April 1.
On August 31, 2021, the Central Board of Direct Taxes had issued a notification specifying if contribution to the EPF exceeds Rs 2.5 lakh for non-government employees and Rs 5 lakh for government employees, then interest earned from such contribution would be taxable. The initial announcement was made in the Union Budget 2021.
According to Aditya
