new pension scheme

Section 80CCD Deduction to National Pension System subscribers

Income Tax - (i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]...

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FAQ on National Pension Scheme (NPS)

Income Tax - What is National Pension Scheme (NPS)? National Pension Scheme (NPS) was initially launched in January 2004 for government employees but then in 2009, it was made available to every citizen of India whether resident or non-resident aged between 18-60 years. NPS allows you to contribute regularly in a pension account during their working l...

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Higher Pension as per SC decision with Calculation & Examples

Income Tax - Employees’ Pension Scheme (EPS-95) offers pension on retirement, disablement, pension to widow and pension for nominees. This article explains how much EPS Pension you will get if you retire at the age of 58 years. Recently on 1st April 2019 Supreme Court has given the decision that the pension to be paid on actual salary rather than ...

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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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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"

Section 80CCD Deduction to National Pension System subscribers

(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]...

Read More
Posted Under: Income Tax |

FAQ on National Pension Scheme (NPS)

What is National Pension Scheme (NPS)? National Pension Scheme (NPS) was initially launched in January 2004 for government employees but then in 2009, it was made available to every citizen of India whether resident or non-resident aged between 18-60 years. NPS allows you to contribute regularly in a pension account during their working l...

Read More
Posted Under: Income Tax |

Higher Pension as per SC decision with Calculation & Examples

Employees’ Pension Scheme (EPS-95) offers pension on retirement, disablement, pension to widow and pension for nominees. This article explains how much EPS Pension you will get if you retire at the age of 58 years. Recently on 1st April 2019 Supreme Court has given the decision that the pension to be paid on actual salary rather than ...

Read More
Posted Under: Income Tax |

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: Income Tax |

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: Income Tax |

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 ...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax | ,

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: Income Tax |

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...

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Posted Under: Income Tax |

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: Income Tax |

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