PPF on Exemption list Only EPF Interest to be Taxed

The government on Tuesday said PPF will not be taxed on withdrawal and only the interest that accrues on contributions to employee provident fund made after April 1 will be taxed while principal will continue to be tax exempt.
In an interview to PTI, Revenue Secretary Hasmukh Adhia said the Budget proposal to tax 60 per cent of employee provident fund ( EPF) withdrawal will affect less than one-fifth of employees with high salaries.
The proposal, he said, is to tax the interest accrued on PF contributions made after April 1, 2016. "The principal amount will not be taxed and will continue to remain tax exempt on withdrawal. What we have said is 40 per cent of the interest accrued on contributions made after April 1 will be tax exempt and its remaining 60 per cent will be taxed."
This 60 per cent will also be tax exempt if it is invested in a pension annuity schemes, he said. "This is not a revenue mobilisation exercise," he added.
Adhia said that no part of PPF will be taxed and the present scheme of investment up to Rs 1.5 lakh in a year will continue to be tax exempt. PPF on withdrawal will continue to be out of the tax ambit.

Oman Bus Crash killed 18

Eighteen people were killed and 14 injured when the bus they were traveling in crashed into a truck in central Oman on Tuesday morning, state news agency ONA reported.
The collision occurred on a roundabout connecting the districts of Ibri and Fuhud and the victims came from several countries, the statement said.

Trump 'Misquotes' Mahatma Gandhi

Republican presidential frontrunner Donald Trump on Monday posted a quote on Instagram attributing it to Mahatma Gandhi, but the American media said there is no evidence that the Indian leader had ever used these words.
"First they ignore you. Then they laugh at you, then they fight you, then you win - Mahatma Gandhi," Trump wrote on social networking site Instagram as part of his effort to rally supporters.
The Instagram post included a picture of hordes of supporters rallying at a Trump campaign stop in Alabama. Soon, the anti-Trump lobby was up in flames on the social media.
The Hill, a top US political website, said, "There's no record that Gandhi ever used the phrase, which has been widely attributed to him."
The quotation appears to be similar to words used in a 1918 trade union address by socialist leader Nicholas Klein, it said.
Christian Science Monitor has put this among the top 10 political misquotes. There was no immediate response from the Trump's campaign on the issue.
"Gandhi did not say this," one Scott T Smith wrote on Twitter. Trump sought to quote Gandhi a day after he was criticised for re-tweeting Italian fascist leader Benito Mussolini early Sunday morning.
"He got tired of quoting Mussolini and he's saving the Hitler quotes until he's really desperate," tweeted Brad Fraser.
Several popular websites have attributed this quote — First they ignore you, then they laugh at you, then they fight you, then you win - to Mahatma Gandhi.
According to Wikiquotes, this is the quote which is often misattributed to Mahatma Gandhi.