The Employees Provident Fund Organization (EPFO) has made a big disclosue on Thursday about the amount deposited in the provident fund account after announcing the benefit of tax exemption on interest earned on deposits above Rs 2.5 lakh in provident funds. EPFO said that in the financial year 2018-19, 1.23 lakh people with hefty salary have deposited Rs 62,500 crore in their EPF account. The interest tax on this amount is free. A source said that Rs 103 crore was deposited in the account of an employee who contributed the most to the EPF. Tax exemption on interest earned on deposits in EPF account for more than Rs 2.50 lakh in a financial year has been abolished in Budget 2021-22.
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