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New Delhi, Mar 04: The EPFO has fixed 8.5 per cent rate of interest on EPF deposits for 2020-21, news agency PTI reported.
Prior to this there were speculations that the interest rates on provident fund deposits may be lowered for the fiscal 2020-21. In March last year, the EPFO had reduced the interest rates on provident fund deposits to a seven year low of 8.5 per cent.
The interest rates is likely to be announced by the Employees’ Provident Fund Organisation on March 4. Reports suggest that the interest rates may be lowered owing to the pandemic. Last year after after reducing the internet rate on provident fund deposits to 8.5 per cent, the board had said that it would pay 8.5 per cent interest to its subscribers for the year ended March 31 in two instalments-8.15% from debt investments and 0.35% from equity.
In the Budget, Union Finance Minister, Nirmala Sitharaman announced that the interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed starting April 1. “In order to rationalise tax exemption for the income earned by high income employees, it is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of Rs 2.5 lakh,” she had said in the Budget speech.
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