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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 matte .....

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wards this objective, the Government has announced that Forty Percent(40%) of the total corpus withdrawn at the time of retirement will be tax exempt both under recognised Provident Fund and NPS. (iii) It is expected that the employees of private com .....

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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 id .....

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statutory wage limit of ₹ 15,000 per month. Out of around 3.7 crores contributing members of EPFO as on today, around 3 crore subscribers are in this category. For this category of people, there is not going to be any change in the new dispens .....

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y tax liability. We are changing this. What we are saying is that such employee can withdraw without tax liability provided he contributes 60% in annuity product so that pension security can be created for him according to his earning level. However, .....

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