PF Account Holders: Big News! If there will be more than 2.5 lakh in PF, then tax will be imposed, know seven special things related to it

New Delhi: The central government has taken a big decision regarding the central employees. If the central employee gets more than 2.5 lakh rupees annually under the Central Provident Fund Scheme, then he will have to pay tax on it.

Under the new income tax rules, the existing PF accounts can be bifurcated into two parts – taxable and non-taxable contribution accounts with effect from April 1, 2022.

Know seven special things related to it

1. This arrangement has been brought at a time when the EPFO ​​on behalf of the government has already reduced the interest rates to the minimum from this financial year.
2. The interest rates available on the EPF for the financial year 2021 – 2022 have been reduced from 8.5 percent to 8.1 percent. This is the lowest interest rate for 40 years.
3. According to the income tax rules, if someone deposits 5 lakh rupees annually as PF, then he will have to pay 2.5 lakh rupees as tax.
4. Similarly, if a government employee puts six lakh rupees in the PF account, then one lakh rupees will be subject to tax.
5. Let us tell you that under these new rules, the central government wants that people with high income group should not be able to take advantage of the government scheme.
6. Giving a statement about this, the government had said that less than 1 percent of the taxpayers would be affected by this rule. It is only for high income people.
7. It is worth noting that if more than 20 employees are employed in any firm and they are getting minimum 15 thousand salary, then PF is mandatory for them.