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The Finance Ministry has no alternative for the Budget proposal to tax EPF withdrawals after Finance Minister Arun Jaitley withdrew it on March 8.
Jaitley said the matter would be reviewed, but official sources in the Ministry told BusinessLine that it is off the table for the time being. Officials believe the Centre will need to do more homework before looking at an alternative proposal.
Ministry officials argue that the intent behind the taxation proposal may not have been wrong, but the platform should have been created to get EPF on the same page as the National Pension Scheme in respect of tax treatment.
While retracting the proposal on March 8, Jaitley had said that based on various other suggestions received to encourage people to join the pension scheme, the government would do a comprehensive review.
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