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of <h1>Finance Bill 2021: Tax Changes for Provident Fund Interest Over INR 250,000 from April 2022, Affecting High Contributors.</h1> The Finance Bill, 2021 proposes amendments to the tax exemptions under clauses (11) and (12) of section 10 of the Income Tax Act concerning interest on provident funds. Currently, interest accrued on large contributions to provident funds is exempt from tax, benefiting those who can contribute substantial amounts. The proposed change introduces a threshold, effective from April 1, 2022, where interest income on contributions exceeding INR 250,000 in a financial year will no longer be exempt. This aims to ensure equitable tax treatment and applies to assessment year 2022-23 and beyond.
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