new pension scheme

NPS a good savings instrument with steady returns & Income Tax Benefits

Corporate Law - National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits....

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NPS: Tax provisions on investment & Withdrawal

Corporate Law - NPS (National Pension System) : Tax provisions on investment & Withdrawal Investment Deduction: –Section 80CCD (1): Employee Contribution up to Rs. 1.5 lac under Sec 80CCE -Section 80CCD (1B): Employee Contribution Rs. 50,000 over and above the deduction of Rs. 1.5 lakh -Section 80CCD (2): Employer Contribution up to 10% of s...

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Key Points to Remember While Investing in NPS

Corporate Law - ♦ What is NPS? It stands for National Pension System. NPS is regulated by PFRDA, with transparent investment norms and regular monitoring and performance review of fund managers by NPS Trust. Subscribers can choose their own investment options and pension fund and see their money grow. ♦ Investment Choices Available in NPS: NPS offers...

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Payment of Pension to Government Pensioners – FAQ

Corporate Law - (Updated as on April 9, 2021) Q 1. Scheme for Payment of Pension to Central Government Pensioners by Authorised Banks Ans. Payment of pension to retired government employees, including payment of basic pension, increased Dearness Relief (DR), and other benefits as and when announced by the governments, is governed by the relevant schemes ...

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Government needs to make NPS fair for all categories of subscribers

Corporate Law - The union budget will be presented on 1st February so I thought of making some suggestions to remove some anomalies and inequalities in the Income Tax Act provisions to make the NPS system fair and little better for everyone.  Here are my suggestions. Uniformities of tax treatment of retirement corpus of Tier I of NPS […]...

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How to open/update NPS account using Driving License issued in DigiLocker

Corporate Law - Steps for opening NPS account and updating address in NPS account using Driving License issued in DigiLocker ...

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PFRDA Working Paper on Perspectives on Pension-Sector in India

Corporate Law - The paper observes that India’s pension-sector (NPS plus APY), provides a flexible mode of oldage income-security not only for salaried employees but also to the common person. In the recent 5-years, 2017-18 to 2021-22, subscriber numbers have multiplied over three-fold led by APY...

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More than 99 lakh APY accounts enrolled during FY 2021-22

Corporate Law - The total enrollments under APY Scheme have crossed 4.01 crore as on March 2022 out of which more than 99 lakh APY accounts were opened during FY 2021-22. The scheme had seen this tremendous success due to the active participation of all categories of Banks. Around 71% of the enrolments done by Public-sector banks, 19% by Regional Rural B...

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PFRDA (Registration of Pension Funds) Guidelines, 2021

Corporate Law - 1. INTRODUCTION A. Regulation 9 (3) (a) of the PFRDA (Pension Fund) Regulations, 2015, as subsequent amendments thereto reads that “a certificate of registration granted to a pension fund shall remain valid unless suspended or cancelled by the Authority”. B. Accordingly, these guidelines are being issued with the objective of opening ...

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Steps taken to help Pensioners during COVID-19 Pandemic

Corporate Law - Department of Pension & Pensioners' Welfare, since the lock-down on account of the unprecedented COVID-19 pandemic, has been taking various initiatives for the pensioners, to ensure the timely credit of pension & retirement benefits and keep them healthy and aware during this time of COVID-19 pandemic....

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Entitlement for family on death of a Central Government servant covered under NPS

No. 57/03/2022-P&PW(B)/8361(1) - (28/10/2022) - Rule 20 of Central Civil Services (Implementation of NPS) Rules, 2021 provides for entitlement of family members on death of a Central Government covered under National Pension System....

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NPS Entitlement on discharge from service due to invalidation or disablement

No. - 57/03/2022-P&PW(B)/8361 (2) - (28/10/2022) - Entitlement on discharge from service on account of invalidation or disablement to a Central Government servant covered under National Pension System -reg No.57/03/2022-P&PW(B)/8361 (2) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners...

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Effect of disciplinary proceedings on benefits from accumulated pension corpus under NPS

Notification No. - 57/03/2022-P&PW(I3)/8361 - (27/10/2022) - Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....

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Options to avail benefits under old pension scheme on death/Discharge of Govt servant under NPS

No. 57/03/2022-P&PW(B)/8361 - (26/10/2022) - Options under Central Civil Services (Implementation of National Pension System) Rules, 2021 to avail benefits under old pension scheme on death of Government servant covered under National Pension System during service or his discharge from service on account of invalidation or disablement...

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Clarification regarding pension to be taken for commutation after retirement

No.42/15/2022-P&PW(D)/3 - (25/10/2022) - Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....

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Recent Posts in "new pension scheme"

Entitlement for family on death of a Central Government servant covered under NPS

No. 57/03/2022-P&PW(B)/8361(1) 28/10/2022

Rule 20 of Central Civil Services (Implementation of NPS) Rules, 2021 provides for entitlement of family members on death of a Central Government covered under National Pension System....

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NPS Entitlement on discharge from service due to invalidation or disablement

No. - 57/03/2022-P&PW(B)/8361 (2) 28/10/2022

Entitlement on discharge from service on account of invalidation or disablement to a Central Government servant covered under National Pension System -reg No.57/03/2022-P&PW(B)/8361 (2) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare *** 3rd Floor, Lok Nayak...

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Effect of disciplinary proceedings on benefits from accumulated pension corpus under NPS

Notification No. - 57/03/2022-P&PW(I3)/8361 27/10/2022

Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....

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Options to avail benefits under old pension scheme on death/Discharge of Govt servant under NPS

No. 57/03/2022-P&PW(B)/8361 26/10/2022

Options under Central Civil Services (Implementation of National Pension System) Rules, 2021 to avail benefits under old pension scheme on death of Government servant covered under National Pension System during service or his discharge from service on account of invalidation or disablement...

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Clarification regarding pension to be taken for commutation after retirement

No.42/15/2022-P&PW(D)/3 25/10/2022

Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....

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Commutation value for Government servant whose date of birth is first of a month and who retires on afternoon of last day of preceding month

Notification No. 42/15/2022-P&PW(D)/2 25/10/2022

Clarification regarding commutation value for Government servant whose date of birth is the first of a month and who retires on the afternoon of the last day of the preceding month-reg...

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Clarification regarding Dearness Relief payable on Original Basic Pension

Notification No. 42/15/2022-P&PW(D)/1 25/10/2022

It is clarified that dearness relief is payable on the original basic pension before commutation or such basic pension before commutation as revised on implementation of recommendations of Pay Commission etc. and not on the pension as reduced after deduction of commuted pension....

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Deduction of commuted pension from pension revised in implementation of recommendations of Pay Commission

Notification No. 42/15/2022-P&PW(D)/4 25/10/2022

What amount shall be deducted from pension in cases where the pension is subsequently revised on implementation of recommendations of Pay Commission, etc....

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Monthly commuted pension not deductible from family pension if pensioner dies before restoration of commuted pension

No. 42/15/2022-P&PW(D)/5 25/10/2022

whether deduction towards commutation are required to be made from family pension for the remaining period in cases where the pensioner dies before the restoration of commuted pension....

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Emoluments for determining mandatory contributions under NPS

Notification No. - 57/03/2022-P&PW(B)/8361 25/10/2022

No. – 57/03/2022-P&PW(B)/8361 Government of India Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare *** 3rd Floor, Lok Nayak Bhavan, Khan Market, New Delhi, Dated the 25th October, 2022 OFFICE MEMORANDUM Subject: Emoluments for determining mandatory contributions under Nati...

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