The extant income-tax provisions provide for substantial income-tax benefits to an employee at the time of withdrawal of retirement corpus from Provident Fund schemes held with the EPFO. Under this scheme, a specified sum (i.e. 12% of salary) is deducted from the salary of the employee as contribution towards the fund. The employer also contributes the matching sum to the fund. The contributions of the employer and the employee are invested in approved securities. Interest earned thereon gets crThe extant income-tax provisions provide for substantial income-tax benefits to an employee at the time of withdrawal of retirement corpus from Provident Fund schemes held with the EPFO. Under this scheme, a specified sum (i.e. 12% of salary) is deducted from the salary of the employee as contribution towards the fund. The employer also contributes the matching sum to the fund. The contributions of the employer and the employee are invested in approved securities. Interest earned thereon gets crtaxmann.com Latest ArticlesRead More
