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NEW PENSION SCHEME

Income Tax - Tax Liability in special Circumstances / Specific Cases - 14 - As per section 80CCD, where an individual employed by Central Government or any employer deposits in any previous year any amount in his account under notified by the Central Government, then such individual shall be allowed deduction in computation of his total income of the amount deposited in the scheme subject to a maximum of 10% of his salary in the previous year. Finance Act, 2009 has extended the benefit on to sel .....

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NPS are excluded from Total income; accrual of income is exempt; and receipts from NPS shall be taxed in the year of receipt. To make NPS Trust a complete pass through (for Income tax purposes) and to provide clarity on receipt based taxation, the Finance Act, 2009 has made the following amendment: Section 10(44) is inserted to provide that income received by NPS Trust is exempt from tax. Section 115-O(1A) is amended to provide that dividend paid to NPS Trust is not liable to Dividend Distributi .....

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individual or his nominee from NPS Trust shall be taxable in his hands. However, the assessee shall be deemed not to have received any amount in the previous year if such amount is used for purchasing an annuity plan in the same previous year. With a view to encourage people to contribute towards NPS, the finance Act, 2015 has omitted sub-section (1A) so as to remove the sub-limit of ₹ 1,00,000 within the overall limit of ₹ 1,50,000 of section 80CCE. New sub-section (1B) of section .....

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