New Delhi: Shocking figures have come out about the amount deposited in the Provident Fund account. There are Rs 62,500 crore deposited in the provident fund account of 1.23 lakh people with thick salary. According to sources, the person who contributed the most, has Rs 103 crore in his provident fund account. According to the budget proposal for FY 2021-22, if the annual contribution of a person in the Employees Provident Fund (EPF) account exceeds Rs 2.50 lakh, then he will not get tax rebate on the interest on 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 high net worth individuals (HNIs). These people deposit large amount every month in EPF account.
A source justifying the bringing of higher interest to tax, said a source, “These high-class income people have Rs 62,500 crore deposited in the PF account for 2018-19 and the government gives them 8 percent with tax exemption. Giving definite returns of 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, two other such people have more than Rs 86-86 crore in their accounts. The accounts of the top 20 high-income people have deposits of about Rs 825 crore, while the accounts of the top 100 paid HNIs have more than Rs 2,000 crore. He 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.
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 future contributions 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.
