new pension scheme

Either INVEST or Pay TAX!

Income Tax - There are many options in the market where a person can invest and save his/her tax. But before investing anywhere, all the factors must be kept in mind like return on investment, risk involved, lock-in period, minimum and maximum amount that can be invested and many more....

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NPS Scheme Looking Attractive Now

Income Tax - A subscriber under NPS is entitled to get additional tax benefit up to Rs. 50,000 in a financial year under section 80CCD (IB) of Income Tax Act. This is over and above the deduction of Rs. 1,50,000 available under section 80C /80CCE of Income Tax Act ....

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NPS Withdrawal: Norms, Purpose, Limits and Frequency

Income Tax - NPS Withdrawal Norms The Pension Fund Regulatory and Development Authority (PFRDA) has changed the norms for withdrawal of National Pension System (NPS) subscribers. Keeping in view the possibility of sudden financial needs of the subscribers, the requirement of minimum period under National Pension System (NPS) for availing the facility ...

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How the cabinet decision on NPS affects you

Income Tax - Post my two articles on National Pension System (NPS), the cabinet has made certain important amendment to NPS on 6th December, 2018. There is confusion galore in the minds of taxpayers about the implications and applicability of the decisions. Taxation of pension Tax benefits for NPS contribution Let us discuss. Increase in the contribu...

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Taxation of pension

Income Tax - People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also e...

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National Pension System (NPS)- Govt approves Tax Relief Proposals

Income Tax - The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS). Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%....

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Modification in Partial Withdrawal rules under NPS

Income Tax - Modification in Partial Withdrawal rules under NPS: Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications. Further, individual NPS subscribers who wish to set up a new business/ acquire new b...

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‘View Pension Passbook’ Service for pensioners through Umang App

Income Tax - Employees’ Provident Fund Organisation (EPFO), which is providing a host of e-services for its stakeholders, has now introduced a new service through ‘UMANG app’. On clicking ‘View Passbook’ option, it requires PPO Number and Date of Birth information to be entered by the pensioner. ...

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PFRDA prescribes New NPS Subscriber Registration Form

Income Tax - Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements ...

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Three recent changes in National Pension Scheme (NPS)

Income Tax - The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms. The details are as under:...

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Clarification to pensioners about suggestion to hike exemption limit to Rs. 5 Lakhs

D.O. No. 370150/9/2017- TPL - (14/11/2017) - Clarification to pensioners about the hike in exemption limit to Rs 3 Lakhs from Minister of State for Finance Shri. Shiva Pratap Shukla by his letter dated 14th November 2017....

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PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017

Notification No. PFRDA/12/RGL/139/8 - (10/08/2017) - These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017....

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Simplification of pension procedure- Handing over of PPO before retirement

No. 1/27/2011-P&PW (E) - (01/08/2017) - Simplification of pension procedure – i) Handing over of PPO to the retiring employee by the Head of Office before retirement and (ii) Submission of undertaking by retiring Government servant along with pension papers ...

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Benefit of 2 Years weightage of Service under Employees Pension Scheme

Circular No. Pension- Pen-I/3/4/2016/MOL&E/2 - (08/05/2017) - In the case of the member who superannuates on attaining the age of 58 years, and who has rendered 20 years pensionable service or more, his pensionable service shall be increased by adding a weightage of 2 years....

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Amendment in rule for Disbursement of pension and other benefits

G.S.R. 437(E) - (04/05/2017) - Disbursement of pension and other benefits.- (1) The Commissioner shall, with the approval of the Central Board, enter into arrangement for the disbursement of pension and other benefits under this Scheme with disbursing agencies like post office or nationalised banks or Treasuries or scheduled comm...

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Recent Posts in "new pension scheme"

Either INVEST or Pay TAX!

There are many options in the market where a person can invest and save his/her tax. But before investing anywhere, all the factors must be kept in mind like return on investment, risk involved, lock-in period, minimum and maximum amount that can be invested and many more....

Read More
Posted Under: Finance |

NPS Scheme Looking Attractive Now

A subscriber under NPS is entitled to get additional tax benefit up to Rs. 50,000 in a financial year under section 80CCD (IB) of Income Tax Act. This is over and above the deduction of Rs. 1,50,000 available under section 80C /80CCE of Income Tax Act ....

Read More
Posted Under: Finance |

NPS Withdrawal: Norms, Purpose, Limits and Frequency

NPS Withdrawal Norms The Pension Fund Regulatory and Development Authority (PFRDA) has changed the norms for withdrawal of National Pension System (NPS) subscribers. Keeping in view the possibility of sudden financial needs of the subscribers, the requirement of minimum period under National Pension System (NPS) for availing the facility ...

Read More
Posted Under: Finance |

How the cabinet decision on NPS affects you

Post my two articles on National Pension System (NPS), the cabinet has made certain important amendment to NPS on 6th December, 2018. There is confusion galore in the minds of taxpayers about the implications and applicability of the decisions. Taxation of pension Tax benefits for NPS contribution Let us discuss. Increase in the contribu...

Read More
Posted Under: Finance | ,

National Pension System (NPS)- Govt approves Tax Relief Proposals

The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS). Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%....

Read More
Posted Under: Finance |

Taxation of pension

People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also e...

Read More
Posted Under: Finance |

Tax benefits for NPS contribution

After having discussed the withdrawal rules for National Pension System (NPS) last week, this let us discuss income tax benefits available for contributions made by you to your NPS account.  Though you can open Tier I and Tier II account under the NPS, the tax benefits are available only in respect of contributions made to […]...

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Posted Under: Finance |

National Pension Scheme-NPS- Mix of EET & EEE (whether only for tax saving or investment for retirement life)

Insertion of Section 10(12A) Finance Act (FA), 2016 was a welcome step by the CBDT to the NPS subscribers wherein 40% of the accumulated NPS corpus was made exempt from income tax on closure of NPS account at the time of withdrawal. Earlier, the entire amount was taxable. CBDT is introducing new provisions in IT Act to provide NPS a level...

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Posted Under: Finance |

FAQs: National Pension System For Non Resident Indians

NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account. NPS is designed on Defined contribution basis wherein the subscriber contributes to his own account. The benefit subscribers ultimately receive depends on the amount o...

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Posted Under: Finance |

National Pension System – Complete Guide

About National Pension System 1. What is National Pension System? National Pension System (NPS) is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India. It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based ret...

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Posted Under: Finance |

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