From April 1, PF accounts will be divided into two for tax calculation: Existing provident fund (PF) accounts will most likely be divided into two parts on April 1. The government announced new income tax (I-T) rules in September of last year, under which PF accounts will be split into two. The move will allow the government to tax PF income for employees who contribute more than 2.5 lakh rupees per year.
The Finance Act of 2021 made interest on employee contributions to provident funds liable to income tax. The interest on PF which was previously exempt was made Read More
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