new pension scheme

Retirement Saving – National Pension System (NPS)

Finance - NATIONAL PENSION SYSTEM (N.P.S.) BACKGROUND The National Pension System is a defined contribution scheme launched by Pension Fund Regulatory & Development Authority (P.F.R.D.A) in 2004 for government employees & subsequently in 2009 for all citizen. The eligible subscribers are allotted a 12 digit unique Permanent Retirement Accou...

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How are withdrawals from Tier II NPS account should be taxed

Finance - Before we discuss the taxation rules for Tier II account under NPS let me briefly touch upon the types of accounts under NPS. One can have two type of account under NPS. First is the Tier I account which is the main account and is also called pension account. The second is called Tier II […]...

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Income Tax benefits under National Pension Scheme (NPS)

Finance - NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use ...

Read More

Types of accounts under National Pension System

Finance - A person can open two accounts under National Pension System (NPS). The main account is called Tier I account and an additional account is labelled as Tier II account. Let us understand about both of these accounts. Features of Tier I NPS account: Tier I is the default and proper pension account under NPS. This […]...

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Pensions Funds in India & Proposed Draft Rules 2020

Finance - On 18th August 2020, the Central Board of Direct Taxes has issued a list of guidelines that prescribe conditions for the pension funds in India to take the benefit of income tax exemptions vide Notification No. 67/2020-Income Tax/[G.S.R. 508(E)] dated-17/08/2020. The announcement comes after a July notification related to Draft Proposed...

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Ombudsman under NPS & Atal Pension Yojana

Finance - Pension Fund Regulatory and Development Authority (PFRDA) has appointed Shri Arnab Roy as Stipendiary Ombudsman in terms of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 for resolving NPS/APY subscriber grievances....

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EPFO issues Directions for timely credit of monthly Pension to EPS Pensioners

Finance - EPFO is disbursing monthly pension to more than 65 Lakh pensioners every month under the Employees’ Pension Scheme, 1995.  Due to the corona virus pandemic, lock down has been declared in various parts of the country.  In order to ensure that no inconvenience is caused to the pensioners on account of the prevalent situation, Central [...

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Pensionary benefits under NPS on Voluntary Retirement

Finance - The features and benefits under National Pension System (NPS) and the old pension scheme are independent. Under NPS, there is a provision for voluntary retirement/exit prior to the age of superannuation, without linking it with the minimum number of 20 years of service....

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

Finance - 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

Finance - 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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National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45/2020-Income Tax F. No.370142/26/2019-TPL [S.O. 2232(E)] - (07/07/2020) - CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  Nationa...

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NPS withdrawal process during Covid-19 pandemic situation

CIR No.: PFRDA/2020/19/SUP-CRA/8 - (05/06/2020) - NPS withdrawals including partial withdrawal are allowed as defined under NPS exit regulations. NPS Subscribers who intend to withdraw are required to submit the duly filled-up withdrawal forms along with the Supporting documents to the associated Nodal officers/ Points of Presence (POP) for process...

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Co-authorization of permanently disabled child/children in PPO for Family Pension

Notification No. HRD/1(34)2014/7thCPC/Vol.II/Pt.I/402 - (03/03/2020) - Permanently disabled child/children or sibling can be co-authorized in the PPO issued to the retiring Government servant if there is no other eligible prior claimant for family pension other than the spouse....

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Employees Pension (Amendment) Scheme, 2020

Notification No. G.S.R.132 (E). - (20/02/2020) - Employees' Pension (Amendment) Scheme, 2020- 12B. Restoration to normal pension in cases of grant of commutation. – The normal pension in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of this Scheme, on or before the 25th day of Septem...

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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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Recent Posts in "new pension scheme"

Retirement Saving – National Pension System (NPS)

NATIONAL PENSION SYSTEM (N.P.S.) BACKGROUND The National Pension System is a defined contribution scheme launched by Pension Fund Regulatory & Development Authority (P.F.R.D.A) in 2004 for government employees & subsequently in 2009 for all citizen. The eligible subscribers are allotted a 12 digit unique Permanent Retirement Accou...

Read More
Posted Under: Finance |

Ombudsman under NPS & Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) has appointed Shri Arnab Roy as Stipendiary Ombudsman in terms of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 for resolving NPS/APY subscriber grievances....

Read More
Posted Under: Finance |

How are withdrawals from Tier II NPS account should be taxed

Before we discuss the taxation rules for Tier II account under NPS let me briefly touch upon the types of accounts under NPS. One can have two type of account under NPS. First is the Tier I account which is the main account and is also called pension account. The second is called Tier II […]...

Read More
Posted Under: Finance |

Income Tax benefits under National Pension Scheme (NPS)

NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use ...

Read More
Posted Under: Finance |

Types of accounts under National Pension System

A person can open two accounts under National Pension System (NPS). The main account is called Tier I account and an additional account is labelled as Tier II account. Let us understand about both of these accounts. Features of Tier I NPS account: Tier I is the default and proper pension account under NPS. This […]...

Read More
Posted Under: Finance |

Pensions Funds in India & Proposed Draft Rules 2020

On 18th August 2020, the Central Board of Direct Taxes has issued a list of guidelines that prescribe conditions for the pension funds in India to take the benefit of income tax exemptions vide Notification No. 67/2020-Income Tax/[G.S.R. 508(E)] dated-17/08/2020. The announcement comes after a July notification related to Draft Proposed...

Read More
Posted Under: Finance |

New Pension Scheme

New Pension Scheme Everyone has a retirement plan for travel, leisure, meeting daily expenses, only one can enjoy retirement if one has available funds. Retirement is the condition when there is no active income, unlike developed countries, there is no Government support. With increasing, medical advancement life expectancy after retireme...

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Posted Under: Finance |

National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45/2020-Income Tax F. No.370142/26/2019-TPL [S.O. 2232(E)] (07/07/2020)

CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  National Pension Scheme (NPS) Tier II-Tax Saver...

Read More

NPS withdrawal process during Covid-19 pandemic situation

CIR No.: PFRDA/2020/19/SUP-CRA/8 (05/06/2020)

NPS withdrawals including partial withdrawal are allowed as defined under NPS exit regulations. NPS Subscribers who intend to withdraw are required to submit the duly filled-up withdrawal forms along with the Supporting documents to the associated Nodal officers/ Points of Presence (POP) for processing their request....

Read More

National Pension Scheme

National Pension Scheme (NPS) India is a voluntary and long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority (PFRDA) and Central Government. Q 1. Who can join NPS? Ans: a) Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on t...

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Posted Under: Finance |

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