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Finance Minister Arun Jaitley on Tuesday announced he was withdrawing a controversial Budget proposal to tax 60% of EPF balances at the time of withdrawal. He also withdrew another proposal to tax contribution made by an employer beyond Rs 1.5 lakh a year. However, the proposal to not tax 40 per cent of money withdrawn from national pension system stays. Earlier, he had said only 40% of the total accumulated EPF balance would be tax-free.
