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NPS tax exemption: More parity between pension schemes coming?

Thu March 17 2016, 5:25 pm
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    NPS tax exemption: With Budget 2016 making the National Pension Scheme (NPS) tax exempt by up to 40 per cent of the retirement corpus at the time of withdrawal, PFRDA Chairman Hemant G Contractor had some more good news to convey to prospective subscribers – he said that there may be even more parity between existing pension schemes. "This tax exemption up to 40 per cent of the retirement corpus is a very big step that the government has taken and which brings us closer to EPF and other pension products... so, it is a welcome move," Contractor told reporters in New Delhi. "And hopefully... we should see some parity between the other pension schemes."

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    NPS tax exemption: In the Budget presented by Finance Minister Arun Jaitley on February 29, the government said withdrawal up to 40 per cent of the corpus at the time of retirement will be made tax exempt in the case of NPS. (Reuters)

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    NPS tax exemption: The Pension Fund Regulatory and Development Authority (PFRDA) chairman said that though it has not asked the entire corpus under NPS to be made tax-exempt, there should be some parity with regard to other pension plans. (Express Photo)

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    NPS tax exemption: Besides, Hemant G Contractor said the launch of eNPS online platform to open new accounts and make contributions to the existing accounts has led to an increased subscriber base. (Express Photo)

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    NPS tax exemption: "The traction is good now, we are getting about 600-700 accounts opening per day through eNPS. As far as Atal Pension Yojana (APY) is concerned, about 22.5 lakh accounts have been opened. The growth has been good, and we are getting 8,000-10,000 accounts opening under APY per day," he said.

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    NPS tax exemption: Also, under the NPS scheme, there has been a higher growth from the voluntary or non-government sector, Contractor said, adding that about 85,000 subscribers have been added this year so far as against a total 80,000 subscription additions in the previous four years. (Reuters)

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    NPS tax exemption: PFRDA sees the total addition under NPS of the order of 1 lakh by the end of this fiscal. The total subscriber base under NPS is 1.18 crore as of now and the corpus under management is Rs 1.15 lakh crore. (Reuters)

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