Fema / RBI : Discover essential FAQs on government pension payments, including joint account continuation, crediting timelines, excess payment ...
Corporate Law : Explore the evolution of pension schemes in India, from the traditional old pension scheme to the modern New Pension Scheme (NPS)....
Income Tax : Understand taxability of various salary components, allowances, perquisites, and retirement benefits in India. Learn about exempti...
Corporate Law : As India's workforce expands, understanding pension schemes becomes crucial. Explore the various public and private sector pension...
Corporate Law : Learn about the online submission and processing of EPS 95 higher pension applications. Understand error codes, solutions, refund ...
Corporate Law : Explore vital role of pensions in securing financial stability during retirement, as discussed by PFRDA Chairperson. Learn about N...
Corporate Law : Govt announced a significant step towards enhancing the ease of living for pensioners by integrating the pension portals of all pe...
Corporate Law : Review the preliminary draft of PFRDA's proposed regulations for making and reviewing pension fund policies. Share your feedback b...
Corporate Law : Explore responses to stakeholder comments on proposed PFRDA amendments, focusing on grievance redressal. Clarifications on NPST ro...
Corporate Law : Explore key proposed amendments to PFRDA (Retirement Adviser) Regulations, 2016. Learn about changes in eligibility, security depo...
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...
Income Tax : Read the full text of the judgment by Punjab and Haryana High Court granting a refund of income tax on exempted disability pension...
Corporate Law : Patna High Court held that petitioner is duly entitled for at least 5% Simple interest on delayed payment of pension and gratuity....
Corporate Law : Employees Provident Fund Organisation & Anr. Etc. Vs Sunil Kumar B. & Ors. Etc. (Supreme Court of India) The Apex Court on...
Income Tax : Denial of pension is a continuing wrong. This Court cannot also be oblivious to the difficulties of a retired employee in approach...
Corporate Law : Explore the latest updates from CRAs under PFRDA for NPS/APY functionalities in FY 2023-24. Learn about new features, benefits, an...
Corporate Law : Delve into the Pension Fund Regulatory and Development Authority's (PFRDA) latest regulations for making and reviewing regulations...
Corporate Law : Learn about the PFRDA directive mandating 2-factor Aadhaar authentication for CRA system access starting April 1, 2024. Explore th...
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....
What is National Pension Scheme (NPS)? National Pension Scheme (NPS) was initially launched in January 2004 for government employees but then in 2009, it was made available to every citizen of India whether resident or non-resident aged between 18-60 years. NPS allows you to contribute regularly in a pension account during their working life. On […]
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.
Section 12(3)(b) – Past service pension for FPF1971 membership depends on salary and no. of years under FPF 1971 with minimum of Rs.80/- for 11 years or less on salary of Rs.2500 or less and maximum of Rs.170/- for 20 years or more for FPF1971 membership on salary of more than Rs.2500/-
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 […]
We have already discussed the withdrawal facility for three major retirement products- Employee Provident Fund (EPF), Public Provident Fund (PPF) and National Pension System (NPS) in previous articles. Now it is logical to understand and discuss the tax implications for such withdrawals.
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.
