Employees’ Provident Fund Organization (EPFO) of 2020-21 EPF Deposit Interest rate is fixed at 8.5 percent. Labor and Employment Minister Santosh Gangwar has confirmed this with NDTV. That is, there has been no change in interest rates on PF in this financial year. PF subscribers will get interest on their deposits only at the previous rates. Let us know that the Central Board of Trustees (CBT) of EPFO has an important meeting in Srinagar on Thursday, in which this announcement has been made.
In a press release from the Ministry of Labor and Employment, it has been told that the Board of Trustees has kept the interest rates for 2021 because ‘EPFO has earned income from debt and shares, due to which it is able to give higher returns to its subscribers. is.’
Last year, one of the people did not get PF money among the Coronaviruses, on top of this, Finance Minister Nirmala Sitharaman announced to limit the exemption from tax on earnings on PF in the budget presented on 1 February. Went. In such a situation, everyone had an eye on what interest rates the government keeps for the next financial year.
According to the new provision in the budget, now only those PF account holders who get interest on annual contribution of up to Rs 2.5 lakh will get exemption from tax. Apart from this, any high-income PF account holder, whose annual contribution is more than 2.5 lakh rupees, will have to pay income tax on the interest income.