A shocking figure has emerged regarding the money deposited in the Employees Provident Fund Fund i.e. EPF. It is being told that Rs 62,500 crore has been deposited in the provident fund account of 1.23 lakh people with thick salary. According to sources, Rs 103 crore is deposited in the provident fund account of the person who contributed the most.
According to the budget proposal of FY 2021-22, if the annual contribution of a person in the Employees Provident Fund (EPF) account is more than Rs 2.50 lakh, then he will not get tax exemption on the interest on the higher amount. Sources in the revenue department said that there are 4.5 crore shareholders contributing to the Employees Provident Fund Organization (EPFO) account. Of these, 1.23 lakh accounts belong to the rich people, ie, those who get fat salaries (HNIs). These people deposit huge amount every month in EPF account.
A source justifying the bringing of higher interest to tax, a source said that these people with high class income have a deposit of Rs 62,500 crore in the PF account for 2018-19 and the government gives them a fixed 8 percent with tax exemption. Giving returns They are getting this benefit at the cost of honest low and middle income, salaried and other taxpayers.
According to sources, there is more than Rs 103 crore deposited in the account of one contributor. At the same time, there are more than 86-86 crores deposited in the accounts of two other such people. Nearly Rs 825 crore is deposited in the accounts of the top 20 high-income people, while the accounts of 100 top-paid HNIs who get top-paid salaries have more than Rs 2,000 crore.
Sources said that the purpose of the proposal made in the budget is to remove the abnormality among the contributors and to curb those people of high income group who are depositing large amount to take advantage of the provision of fixed high interest rate and honest Taxpayers are earning incorrectly at the cost of money.
Also Read: PPF account: Know if tax on PF interest also cover contribution to PPF account?
Further sources also said that these HNI contributors constitute 0.27 percent of the total number of EPF account holders and their average per capita fund is Rs 5.92 crore. Hence, they are earning Rs 50.3 lakh per person annually with tax-free fixed returns. This earning is being made at the cost of the salaried class and other taxpayers. He said that the removal of interest rebate on the contribution of Rs 2.5 lakh and above in the budget is based on the principle of equality. Normal EPF or GPF contributors will not be affected by removing this flaw in the system.
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