Government has decided to impose tax at the time of withdrawal on 60 per cent of the contributions made after 1st of April this year to Employees Provident Fund, EPF andother schemes.The move will bring parity in New Pension Scheme and other retirement schemesAt present, social security schemes run by retirement fund body Employees Provident Fund Organisation,EPFO are tax exempt at the stage of deposits, accrual of interest and withdrawals.At per Budget proposals, contributions made on or after April 1 by an employee participating in a recognised provident fund and superannuation fund, up to 40 per cent of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.The budget has also proposed to increase the threshold for deducting tax deducted at source (TDS) on payment of accumulated balance due to an employee in EPF to Rs 50,000 from existing Rs 30,000 .