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BENEFIT FOR NPS SUBSCRIBERS - DIRECT TAXES

J. - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - J. - J. BENEFIT FOR NPS SUBSCRIBERS Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an employee on closer of his account or opting out shall be exempt up to 40% of total amount payable to him. In order to provide further relief to an employee subscriber of NPS, it is proposed to amend .....

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elf-employed individual The existing provisions of section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD (1) cannot exceed 10% of salary in case of an employee or 10% of gross total income in case of other individuals. However, under the provisions of section 80CCD (2) of the Act, further deduction to an employee in respect of contribution made by his employer is allow .....

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