pension scheme

Deduction under section 80C and Tax Planning

Income Tax - Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

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Income Tax Exemption in Respect of retirement benefits

Income Tax - Article discusses Tax Treatment of Various retirement benefits i.e Gratuity, Leave Encasement, Commuted Pension, Uncommuted Pension, Statutory Provident Fund, Recognised Provident Fund and Unrecognised Provident Fund. ...

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Social Security Agreement signed between India-Japan

Income Tax - Foreign assignments involving mobility of international workers has always been entangled in the complexities of two legislations. To ease out the hindrances and protect the interest of cross border workers of India and Japan, India has signed social security agreement (SSA) with Japan w.e.f. Oct 1, 2016....

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Budget 2017: Tax-exemption to partial withdrawal from National Pension System (NPS)

Income Tax - In order to provide further relief to an employee subscriber of NPS, it is proposed to amend the section 10 so as to provide exemption to partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and r...

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Present Rates of Contribution under EPF, EPS and EDLI

Income Tax - Article cover Rate of Contribution under Employee Pension Scheme (EPS), Employees' Provident Fund (EPF) and Employee Deposit Linked Insurance (EDLI) Scheme...

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Maximum age of joining NPS increased to 65 years

Income Tax - Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS....

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All about new Functionalities for NPS subscribers

Income Tax - PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc....

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Hike Senior Citizen’s Pension to Rs 2000 P.M.: Amicus Curiae

Income Tax - In 2013 we had recommended to the Parliamentary Committee of the Social Justice and Empowerment Ministry chaired by Mr Hemanand Biswal the amount of 1000 Rs ( which is recorded in the report). In 2017 with inflation and consequent indexing it wall be Rs 2000/- which is half the minimum working wage as prescribed by Government of India....

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Need to create awareness on pension at grassroots level

Income Tax - Need to create awareness on pension at grassroots level...

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Cabinet approves additional 2% Dearness Allowance / Relief

Income Tax - Cabinet approves additional 2% Dearness Allowance / Dearness Relief due from January, 2017 15.03.2017 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2017. It h...

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Family Pension claim not acceptable if option to join scheme was not exercised

Ganesh Prasad Mishra Vs Commissioner EPF Organization (Madhya Pradesh High Court at Indore) - The Hon'ble MP High court in the above stated case placing reliance on the decision of Hon'ble Supreme court in the case of Rajasthan State Road Transport Corporation vs. President, Rajasthan Roadways Union & Anr....

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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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PF & withdrawal benefit on date of leaving service to International Worker

File No. IWU/7/)(25)/2017 /Payment of PF and Withdrawal Benefits/34140 - (23/03/2017) - In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-...

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Aadhaar Compulsory to avail benefit of Employees’ Pension Scheme

Notification No. S.O. 26(E) - (04/01/2017) - Members and pensioners of the Employees’ Pension Scheme are hereby required to furnish proof of the possession of the Aadhaar number or undergo Aadhaar authentication as per the procedure laid down by the Employees Provident Fund Organisation for better and hassle free identification through Aadha...

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Recent Posts in "pension scheme"

Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

Read More

Maximum age of joining NPS increased to 65 years

Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS....

Read More
Posted Under: Corporate Law |

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 ...

Read More

All about new Functionalities for NPS subscribers

PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc....

Read More
Posted Under: Corporate Law |

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....

Read More

Hike Senior Citizen’s Pension to Rs 2000 P.M.: Amicus Curiae

In 2013 we had recommended to the Parliamentary Committee of the Social Justice and Empowerment Ministry chaired by Mr Hemanand Biswal the amount of 1000 Rs ( which is recorded in the report). In 2017 with inflation and consequent indexing it wall be Rs 2000/- which is half the minimum working wage as prescribed by Government of India....

Read More
Posted Under: Corporate Law |

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 commercial banks including regional rural ba...

Read More

Need to create awareness on pension at grassroots level

Need to create awareness on pension at grassroots level...

Read More
Posted Under: Corporate Law |

PF & withdrawal benefit on date of leaving service to International Worker

File No. IWU/7/)(25)/2017 /Payment of PF and Withdrawal Benefits/34140 (23/03/2017)

In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-...

Read More

Cabinet approves additional 2% Dearness Allowance / Relief

Cabinet approves additional 2% Dearness Allowance / Dearness Relief due from January, 2017 15.03.2017 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2017. It h...

Read More
Posted Under: Corporate Law |
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