There are some accounts that contribute to the Employees Provident Fund Organization (EPFO) which have a large amount. There are 1.23 lakh such accounts with a total deposit of Rs 62,500 crore.
New Delhi, An amazing statistic has emerged regarding the amount deposited in the Employees Provident Fund (EPF). It is learned that some of the high net worth individuals have Rs 62,500 crore in their PF accounts. According to sources, it also includes a person who has Rs 102 crore in his account. According to the recently presented Budget (Budget 2021), the government has decided that if a person contributes more than Rs 2.5 lakh annually to his PF account, he will not get the benefit of tax relief on interest.
According to sources in the Revenue Department of the Ministry of Finance, the total number of account holders contributing to EPF accounts is 4.5 crore. There are less than 0.3 per cent or 1.23 lakh accounts in which large contributions are made, these are the accounts of those with higher salaries.
Rs 2000 crore deposited in top 100 HNI accounts
According to sources, these high-income people currently have Rs 62,500 crore in their PF accounts and the government is giving them a fixed return of 8 per cent by giving them tax breaks. According to sources, more than Rs 103 crore has been deposited in one person’s account. At the same time, more than Rs 86-86 crore has been deposited in the accounts of two other such people. According to the information received, Rs 825 crore has been deposited in the accounts of the top 20 persons with the highest PF. The top 100 such accounts have about Rs 2,000 crore.
Sources said the proposal in the budget is to eliminate inequality among contributors, curb those high-income groups that are accumulating large sums of money to take advantage of fixed interest rate provisions.
