ICAI proposes hike in tax exempted PF deposit limit to 7.5 lakhs: The government announced in Budget 2021 to tax income from Provident Fund (PF) payments of more than Rs 2.5 lakh per year. For PF accounts with no contribution from employers, the cap was raised to Rs 5 lakh. This limit is harsh, according to the Institute of Chartered Accountants of India (ICAI), for EPF account holders who are planning their own retirement and contributing to PF to maximise their savings.
As a result, the ICAI has urged that the Government lift the Rs 2.5/5 lakh ceiling to Read More
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