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Finance Minister Arun Jaitley

FM Arun Jaitley had in his Budget for 2016-17 proposed to tax withdrawal of 60 per cent of accumulations in the employee provident fund after April 1, 2016.

 
 
This is a one-time measure to clear the backlog of refunds and accordingly the reduced timeline of 15 days shall be valid only till March 31, 2016, it said.
Besides, the government has also published names of 18 income tax defaulters against whom outstanding tax dues is of the order of Rs 1,152.52 crore.
The resolved cases pertain to various sectors of the economy like software services, IT-enabled services, manufacturing, consultancy services, etc.
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