My Comment on an article "Budget 2016: PPF stays on exemption list, only EPF interest to attract tax" published in the economictimes.com on 01/03/2016 at 10:25 pm.
"Now, they have cleared the doubt.
It was very ambiguous at the early hours of Budget release today, when they announced that 60% of PPF and EPF withdrawals will be taxed. It implied that principal amount is going to be taxed.
Now, it is clarified by Revenue Secretary that only interest withdrawal will be taxed. So, it can be acceptable to some extent.
And, they have further clarified now, that if same interest amount is further invested into annuity schemes, then, they will not be taxed at all. That will be a good option open."
"Now, they have cleared the doubt.
It was very ambiguous at the early hours of Budget release today, when they announced that 60% of PPF and EPF withdrawals will be taxed. It implied that principal amount is going to be taxed.
Now, it is clarified by Revenue Secretary that only interest withdrawal will be taxed. So, it can be acceptable to some extent.
And, they have further clarified now, that if same interest amount is further invested into annuity schemes, then, they will not be taxed at all. That will be a good option open."
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