pension scheme

Interplay of Taxation on Gratuity, Pension & Retirement Compensation of Salaried Individuals

Income Tax - It is very difficult to wrap the concept of gratuity, pension and retirement compensation as it is. Considering you usually receive these three after you leave your employment, working around the taxation surrounding the same can become quite tedious. Gratuity is a lump-sum amount given to an employee after he retires from his work, havin...

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Tax Treatment of Income from Salary in Brief

Income Tax - Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

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NPS: Tax provisions on investment & Withdrawal

Income Tax - 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

Income Tax - ♦ 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

Income Tax - (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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Joint Bank Account not mandatory for Spouse Pension

Income Tax - In case the Head of Office is satisfied that it is not possible for the retiring Government Servant to open a joint account with his/her spouse for reasons beyond his/her control, this requirement may be relaxed....

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Bank Employees Family Pension to be increased to 30% of last pay drawn

Income Tax - In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. ...

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Steps taken to help Pensioners during COVID-19 Pandemic

Income Tax - 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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Ombudsman under NPS & Atal Pension Yojana

Income Tax - Pension Fund Regulatory and Development Authority (PFRDA) has appointed Shri Arnab Roy as Stipendiary Ombudsman in terms of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 for resolving NPS/APY subscriber grievances....

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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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SC directs to disburse pension to deceased employee’s widow

Veena Pandey Vs Union of India (Supreme Court of India) - Veena Pandey Vs Union of India (Supreme Court of India) Pension as is well known, is the deferred portion of the compensation1 for rendering long years of service. It is a hard-earned benefit accruing to an employee and has been held to be in the nature of property by this Court, in State of Jharkha...

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Pension can not be withheld for indefinite period contrary to Section 9(4) of C.G. Civil Service (Pension) Rules, 1976

Krishna Kumar Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court) - Krishna Kumar Tiwari Vs State of Chhattisgarh (Chhattisgarh High Court) Pension can not be withheld for indefinite period contrary to Section 9(4) of C.G. Civil Service (Pension) Rules, 1976. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. Heard. 2. The grievance of the petitioner is that the petiti...

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Contribution to PNB Employees Pension Fund Trust allowed

Punjab National Bank Vs Add. CIT (ITAT Delhi) - Whether the disallowance of contribution made to PNB Employees Pension Fund Trust, which the assessee claims to be its legitimate business expenditure is justified in law?...

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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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PFRDA Facility of Online APY Subscription through Aadhaar e KYC

Circular no. PFRDA/2021/44/SUP-CRA/17 - (28/10/2021) - PY through e KYC: As of now, the enrolment of Subscribers happens through physical, net banking or other digital modes provided by the respective APY-SPs (APY Service Providers)....

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Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021

Notification No. G.S.R. 658(E) - (23/09/2021) - (1) These rules may be called the Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Changes in Premature Exit Processing of APY for benefit of Subscribers

Notification No: PFRDA/2021/38/SUP-CRA/16  - (03/09/2021) - It is proposed to introduce Instant Bank Account Verification in the interest of underlying Subscribers for orderly processing of their exit requests. The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an addit...

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NPS Functionalities released by CRAs during Quarter I of FY 2021-22

Notification No. PFRDA/2021/37/SUP-CRA/15 - (02/09/2021) - The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS stakeholders in accordance with Section 21 of PFRDA Act 2013....

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Guidelines for engaging agents for facilitating distribution of pension schemes

Circular no. PFRDA/2021/33/REG-POP/01 - (09/08/2021) - The POP, where BCs or Agents are part of their already existing business structure may engage them for facilitating the distribution of pension schemes as well....

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Recent Posts in "pension scheme"

Interplay of Taxation on Gratuity, Pension & Retirement Compensation of Salaried Individuals

It is very difficult to wrap the concept of gratuity, pension and retirement compensation as it is. Considering you usually receive these three after you leave your employment, working around the taxation surrounding the same can become quite tedious. Gratuity is a lump-sum amount given to an employee after he retires from his work, havin...

Read More
Posted Under: Corporate Law |

Joint Bank Account not mandatory for Spouse Pension

In case the Head of Office is satisfied that it is not possible for the retiring Government Servant to open a joint account with his/her spouse for reasons beyond his/her control, this requirement may be relaxed....

Read More
Posted Under: Corporate Law |

SC directs to disburse pension to deceased employee’s widow

Veena Pandey Vs Union of India (Supreme Court of India)

Veena Pandey Vs Union of India (Supreme Court of India) Pension as is well known, is the deferred portion of the compensation1 for rendering long years of service. It is a hard-earned benefit accruing to an employee and has been held to be in the nature of property by this Court, in State of Jharkhand […]...

Read More

PFRDA Facility of Online APY Subscription through Aadhaar e KYC

Circular no. PFRDA/2021/44/SUP-CRA/17 28/10/2021

PY through e KYC: As of now, the enrolment of Subscribers happens through physical, net banking or other digital modes provided by the respective APY-SPs (APY Service Providers)....

Read More

Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021

Notification No. G.S.R. 658(E) 23/09/2021

(1) These rules may be called the Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Changes in Premature Exit Processing of APY for benefit of Subscribers

Notification No: PFRDA/2021/38/SUP-CRA/16  03/09/2021

It is proposed to introduce Instant Bank Account Verification in the interest of underlying Subscribers for orderly processing of their exit requests. The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an additional due diligence to protect their cor...

Read More

NPS Functionalities released by CRAs during Quarter I of FY 2021-22

Notification No. PFRDA/2021/37/SUP-CRA/15 02/09/2021

The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS stakeholders in accordance with Section 21 of PFRDA Act 2013....

Read More

Bank Employees Family Pension to be increased to 30% of last pay drawn

In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. ...

Read More
Posted Under: Corporate Law |

Guidelines for engaging agents for facilitating distribution of pension schemes

Circular no. PFRDA/2021/33/REG-POP/01 09/08/2021

The POP, where BCs or Agents are part of their already existing business structure may engage them for facilitating the distribution of pension schemes as well....

Read More

PFRDA circular on Central KYC Records Registry (CKYCR)

Circular No. PFRDA/2021/31/SUP-POP/4 26/07/2021

Once KYC Identifier is generated by CKYCR, PoPs shall ensure that the same is communicated in writing and in confidential manner to the subscribers in accordance with Rule 9 (1B) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended;...

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