The Finance Ministry has mentioned there isn’t any lack of rate of interest for EPFO subscribers and the delay in crediting curiosity for the final fiscal is because of software program improve being performed. It additional mentioned that for all outgoing subscribers looking for settlement and in addition these withdrawing their deposits, the funds are being performed inclusive of the curiosity.
“There is no such thing as a lack of curiosity for any subscriber. The curiosity is being credited within the accounts of all EPF subscribers. Nevertheless, that’s not seen within the statements in view of a software program improve being carried out by EPFO (Workers’ Provident Fund Organisation) to account for change within the tax incidence,” the ministry tweeted late on Wednesday evening.
The ministry mentioned this on Twitter in reply to a tweet by IT trade veteran TV Mohandas Pai, who raised queries on curiosity within the Workers’ Provident Fund deposits.
“For all outgoing subscribers looking for settlement and for subscribers looking for withdrawal, the funds are being performed inclusive of the curiosity,” the ministry famous.
Earlier in June, the federal government authorised an 8.1 per cent curiosity on EPF deposits for the 2021-22 fiscal ended March 31 to over 5 crore subscribers. The 2021-22 (April-March) was the primary 12 months when a tax on curiosity on contributions past Rs 2.5 lakh each year to provident fund was launched.
In her Funds for 2021-22, Finance Minister Nirmala Sitharaman had offered that curiosity on worker contributions to provident funds over Rs 2.5 lakh each year can be taxed from April 1, 2021.
