Central Board of Direct Taxes (CBDT) has issued rules that will maintain a separate account within the PF account.
The center has notified new income tax rules under which existing provident fund (FP) accounts will be divided into two separate accounts to allow the government to tax the FP income generated by employees’ annual contributions of more than Rs 250,000.
The Central Direct Tax Commission (CBDT) has issued rules that will maintain a separate account in the PF account.
Subsequently, all existing Employees Provident Fund (EPF) accounts will be divided into taxable and non-taxable contribution accounts.
Non-taxable accounts will include your checkout account as of March 31, 2020.