Fema / RBI : The issue concerns delays in pension credit caused by banks. The guidelines mandate 8% interest compensation for such delays. The ...
Finance : An overview of the NPS Tier I/II accounts, fund choices, eligibility, and withdrawal rules. Covers the 40% mandatory annuity purch...
Corporate Law : Learn about the Unified Pension Scheme (UPS) for Central Govt employees under NPS. Check eligibility, contribution details, assure...
CA, CS, CMA : Deduction under Section 80CCD(2) is allowed in the 115BAC regime for employer NPS contributions, with limits based on type of empl...
Finance : Compare UPS, NPS, and OPS pension schemes. Understand their features, benefits, drawbacks, and eligibility criteria to choose the ...
Corporate Law : PFRDA has issued a public notice cautioning investors about an unregistered website and mobile app offering high-return schemes. T...
Corporate Law : The guidelines prescribe a structured process for sponsor selection and pension fund registration. The key takeaway is that only f...
Corporate Law : Regulators have opened the door for banks to independently set up pension funds under strict eligibility norms. The move is aimed ...
Corporate Law : PFRDA consults on adopting dual valuation (Accrual/MTM) for Government Securities in NPS/APY schemes to stabilize NAV, reduce inte...
Corporate Law : PFRDA releases an exposure draft proposing amendments to NPS regulations, focusing on increased flexibility for exits, withdrawals...
Income Tax : ITAT Ahmedabad held that PFRDA Act, 2013 doesn’t prescribed any due date for payment of employee’s contribution to National Pe...
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 : PFRDA has introduced NPS Sanchay as a simplified National Pension System variant aimed at expanding pension coverage for India’s...
Corporate Law : The government clarified that employees under the Unified Pension Scheme are eligible for Fixed Medical Allowance. The key takeawa...
Corporate Law : The circular allows PoPs to engage new categories like professionals, fintechs, and rural agents as Pension Agents. The key takeaw...
Finance : PFRDA has revised the charge structure for Points of Presence under NPS schemes, introducing onboarding and AUM-based annual charg...
Corporate Law : The regulator has introduced new operational guidelines for PoPs handling NPS-Lite to enhance accountability, service standards, a...
Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)
The pension environment in India has been the major growth booster through which several companies have been cashing on to. There are best pension plans in India which you can find for yourself to have better and promising returns. When it comes to the retirement plans there are indeed several options that you can pick from.
National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016; Fortnight long campaign aims at awareness creation, service orientation and information dissemination along with subscribers registration.
The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the subscriber covered under NPS has been made tax exempt.
In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016.
Union budget for the year 2016-17 has been presented by the finance minister, this budget facing basic challenges global slowdown and additional fiscal burden due to 7th Central pay Commission recommendation. This budget focusing on the agricultural, farmer’s welfare and infrastructure investment and financial sector reforms.
In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.
One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS).
PFRDA introduced eNPS online portal whereby PAN (Permanent Account Number) and savings bank account of new subscribers to NPS who are already customers of the banks are accepted as KYC with active participation of the banks acting as POPs for opening of accounts under NPS.
While registering, a Subscriber will provide his/her name & Permanent Account Number (PAN) details which will be validated online with the Income Tax Department. Subscriber will then select the Bank (through which KYC verification to be done), fill up the personal details and upload photograph & signature.
