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Income tax benefits on EPF contributions: New vs existing tax regime

Income tax benefits on EPF contributions: New vs existing tax regime

Saturday, February 22, 2020, 12:37 PM

Salaried employees are required to contribute 12% of their salary (basic plus dearness allowance) to their EPF account. Employer is also required to make a matching contribution to an employee's EPF account. Budget 2020 has proposed a new tax regime which comes with lower income-tax-rates but requires an individual to forgo most commonly availed 70 tax-exemptions and deductions. The new-tax-regime is optional in nature.
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