Income Tax Rule Change: Tripple Tax Benefits on NPS; Know How it Works, Who Can Claim
2 years, 9 months ago

Income Tax Rule Change: Tripple Tax Benefits on NPS; Know How it Works, Who Can Claim

News 18  

Finance minister Nirmala Sitharaman announced that state government employees will now be able to claim tax benefit of 14 per cent on the National Pension System made by their employer from financial year 2022-23. At present, only the central government employees are allowed to claim tax benefit of 14 per cent for the employer’s contribution to their NPS accounts. NPS Tax Benefits: State Government Employees Must Know 1) You can claim tax benefits on your contribution and employer’s contribution towards National Pension System under various sections of Income Tax Act, 1961. Now, both the central government and state government employees will be able to claim tax benefit of 14 per cent on the NPS contributed by their employers.

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History of this topic

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Income tax new regime: These are the deductions you can still claim
1 year, 8 months ago

Income tax new regime: These are the deductions you can still claim

Live Mint  

Many taxpayers are confused about whether to file taxes under the new tax regime or continue with the old tax regime. As opposed to the old tax regime where one could one claim deductions under various sections pursuant to long-term savings, investments in Public Provident Fund, health insurance premiums, house rent allowance received or the principal repayment on home loans …

Self employed vs salaried: What are the tax benefits under NPS? Explained
1 year, 8 months ago

Self employed vs salaried: What are the tax benefits under NPS? Explained

Live Mint  

The National Pension System is an India-based voluntary based contribution retirement savings plan governed by the Pension Fund Regulatory and Development Authority. Suresh Surana, Founder, RSM India Tax Benefits by way of deduction with respect to Employee’s Contribution: Section 80CCD of the IT Act provides for deduction on contributions to pension scheme notified by Central Government. Tax Benefits by way …

Govt employees must take note of this big change in pension contribution
2 years, 10 months ago

Govt employees must take note of this big change in pension contribution

India Today  

To provide equal treatment for both central and government employees, Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that the central government proposed to increase tax deduction from 10 per cent to 14 per cent on contributions to the National Pension System by the state government for its employees. WHAT THIS MEANS FOR GOVT EMPLOYEES The Central …

Budget 2022: NPS exemption raised for state govt staff. An explainer
2 years, 10 months ago

Budget 2022: NPS exemption raised for state govt staff. An explainer

Live Mint  

Contributions made by subscribers to the government’s pension scheme NPS are exempt from income tax. In the Budget 2022, the finance minister Nirmala Sitharaman raised the tax exemption limit on employer’s contribution from 10 percent to 14 percent for state government employees. Exemption on contribution The subscribers of National Pension System can claim tax exemption under section 80CCD within the …

Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%
2 years, 10 months ago

Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%

Hindustan Times  

Tabling the Union budget in the Lok Sabha, Union finance minister Nirmala Sitharaman on Tuesday proposed an increase in the tax deduction limit from 10 per cent to 14 per cent on employers' contribution to the National Pension System account of the state and central government employees. Tax deduction limit raised from 10 per cent to 14 per cent on …

NPS could get additional income tax benefits: Key things to know
2 years, 11 months ago

NPS could get additional income tax benefits: Key things to know

Live Mint  

People have a lot of expectations from Nirmala Sitharaman's Union Budget 2022. The additional deduction limit under the National Pension Scheme could be raised from ₹50,000 to ₹1 lakh this year. However, an increment in the limit for additional deduction for NPS investments would also amount to a similar correct step in the right direction,” he said. Amit Gupta, MD, …

Should you invest in NPS just for the tax benefits?
3 years, 1 month ago

Should you invest in NPS just for the tax benefits?

Live Mint  

National Pension Scheme is an essential retirement planning tool. NPS investment has two options Active mode: The investor can evaluate the return annually and switch from equity to debt and debt to equity options in the active mode. This scheme has brought the comfort of the monthly pension enjoyed by the government employees to others like employees, freelancers, self-employed, etc.,” …

NPS scheme: 5 benefits of National Pension System that you should know
3 years, 4 months ago

NPS scheme: 5 benefits of National Pension System that you should know

Live Mint  

NPS scheme: National Pension System is a retirement-oriented investment option that provides a periodic annuity and a lump sum corpus on the attainment of retirement age. NPS scheme is one of the ideal pension and retirement planning schemes available in India for salaried, self-employed professionals and freelancers like lawyers, doctors, chartered accountants, entrepreneurs, architects and others who work in their …

Tax benefits for investing in national pension system: Here's all you need to know
3 years, 10 months ago

Tax benefits for investing in national pension system: Here's all you need to know

India Today  

One of the biggest challenges of the working population in India, is to maintain a means of monthly income post their retirement due to cessation of salary from employer or income from employment. Tax Benefit 1: Deductions on subscriber’s contribution NPS contributions are eligible for tax deduction u/s 80 CCD of ITax Act or 20% of Gross Income for others) …

Higher income tax deduction on NPS likely for private sector employees
3 years, 11 months ago

Higher income tax deduction on NPS likely for private sector employees

Live Mint  

In the Budget 2021, tax experts expect the government to fix some anomalies in the NPS with regard to income tax benefits. "For contribution towards Tier I account up to 14% of the employer’s contribution is permitted for central government employees but when it comes to other employees maximum up to 10% of the contribution from employer is eligible for …

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