New Delhi, March 5: Prime Minister Narendra Modi has asked Union Finance Minister Arun Jaitley to reconsider the budgetary proposal under which a part of the Employees Provident Fund withdrawal will be taxed.
According to highly placed sources, Modi asked Jaitley to do away with tax imposed on EPF withdrawal after a massive row over the proposal.
The Prime Minister asked Jaitley to revisit the proposed tax on 60% of Employees Provident Fund withdrawal.
Sources said that an official level meeting was held in PMO on the EPF tax issue two days back, adding that the Finance Minister is likely to make an announcement the exemptions on the floor of House when he replies to budget.
Reacting to the development, the Congress said that “corrective measure in budget is always a welcome step”.
The Bharatiya Janata Party (BJP) lauded the Prime Minister for taking up the issue.
Minister of State for Finance Jayant Sinha had said, “The government is looking into the issue.”
