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Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)

Budget - Dated:- 1-3-2016 - There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS. The following clarifications are given in this matter:- (i) The purpose of this reform of making the change in tax regime is to encourage more number of private sector employees to go for pension security after retirement instead of withdrawing the entire money from the Provident Fund Account. (ii) To .....

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if invested in annuity. (iv) The Government in this Budget has also made another change which says that when the person investing in Annuity dies and when the original Corpus goes in the hands of his heirs, then again there will be no tax. (v) The idea behind this mechanism is to encourage people to invest in pension products rather than withdraw and use the entire Corpus after retirement. (vi) The main category of people for whom EPF scheme was created are the members of EPFO who are within the .....

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