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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.
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.
Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤ Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤ Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔ You must […]
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
With the provision in the recent budget for allowing an additional deduction of Rs. 50,000/- in respect of contribution towards NPs, the interest of the taxpayers who till now did not have an NPS account has gone up substantially. People have started making enquiries and I have received a few emails seeking further guidance and clarification on NPS.
One my colleague Susan who is retiring this year was advised to deposit Rs. 50,000/- in NPS account this year to reduce her tax liability approached me for guidance. Based on my interaction with her I realised that the people generally do not know much about the NPS scheme in general and about this additional deduction of Rs. 50,000/- in particular. So I decided to write this article to explain both the points.
These regulations shall be applicable to the—NPS-Lite under National Pension System, (also referred to as NPS-Swavalamban), which is a low-cost, feature optimized group model, aimed at unorganised and economically disadvantaged sections of the society.
Mos(Finance) Jayant Sinha Emphasises the need for Inclusion of Pension for Every Class of the Society; Highlights the Role of Pension Funds as a Source of Long Term Funds for Infrastructure Development and the Need to have Increased Pension Flows in the Debt and Equity Markets to Reduce Volatility; Conference on National Pension System Held on the Theme of
