The global solution for payroll professionals, combines custom research, strategic white papers, country primers, webinars, and the expert guidance you’ve come...
March 14—The government's proposal to increase the tax free threshold for employer contributions to a recognized provident fund has been withdrawn, Indian Finance Minister Arun Jaitley said in India's parliament March 14.
The proposed 2016-17 budget would have increased the tax-free threshold to 150,000 rupees ($2,235) from 100,000 rupees ($1,490), effective April 1, 2017.
Current law, which stipulates that any employer contributions to a provident fund up to and including 12 percent of an employee salary is income tax free up to 100,000 rupees, remains unchanged.
To contact the reporter on this story: Jared Mondschein at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Baer at email@example.com
A government announcement on Finance Minister Arum Jaitley's statement is available at http://pibmumbai.gov.in/scripts/detail.asp?releaseId=E2016PR391.
More information on payroll issues in India can be found in the India country primer and in the International Payroll Decision Support Network News.
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)