Income Tax : Understand the potential of Section 80CCD New Pension Scheme and maximize your tax savings. Learn about deductions for employees a...
Fema / RBI : Discover essential FAQs on government pension payments, including joint account continuation, crediting timelines, excess payment ...
Corporate Law : Articlee examines significance of NPS for retirement arranging, its construction, and tax collection and GST part of National Pens...
Corporate Law : Learn about the online submission and processing of EPS 95 higher pension applications. Understand error codes, solutions, refund ...
Finance : The best way to plan for retirement is to invest funds in schemes dedicated to retirement, such as NPS. Ensuring your retirement c...
Corporate Law : Explore vital role of pensions in securing financial stability during retirement, as discussed by PFRDA Chairperson. Learn about N...
Corporate Law : Explore the Government's plans for offering a guaranteed pension under NPS and the consideration of reverting to Old Pension Schem...
Corporate Law : Pension Fund Regulatory and Development Authority (PFRDA) invites public feedback on the proposed changes to the PFRDA (Point of P...
Corporate Law : Steps for opening NPS account and updating address in NPS account using Driving License issued in DigiLocker ...
Corporate Law : The paper observes that India’s pension-sector (NPS plus APY), provides a flexible mode of oldage income-security not only for s...
Income Tax : In the case of G.K. Reddy vs. DCIT, Madras High Court has directed the Income Tax Department to lift the attachment of a pension a...
Corporate Law : Delve into the Pension Fund Regulatory and Development Authority's (PFRDA) latest regulations for making and reviewing regulations...
Corporate Law : Government of India announces a 4% increase in Dearness Relief for pensioners effective from January 2024. Details & implications ...
Corporate Law : Learn how to process Joint Declarations for member profile updation in EPFO with the Standard Operating Procedure (SOP) provided....
Corporate Law : Explore the 2023 amendments to the PFRDA Retirement Adviser Regulations, enhancing compliance, qualification criteria, and advisor...
Corporate Law : Explore the implications of Pension Fund Regulatory and Development Authoritys (PFRDA) recent amendment regulations in 2023. Learn...
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 the capped salary (Rs 15000 or Rs 6500 per month.)
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.
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 .
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 of partial withdrawal from the mandatory […]
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 contribution to be […]
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%.
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 […]
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 playing field at par with the EPF, superannuation fund and other retiral plans so that it is also seen as tax friendly instrument.
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 of contributions, the returns made on the contributions and the period of contributions.
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 return. The Scheme […]
