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The notification said that such premature closure shall be allowed only after the account has completed five financial years. (PTI)
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As per Section 80CCD (3) of the Income-Tax Act, amounts standing to credit of the taxpayer in NPS account, for which a deduction has already been claimed by him and accretions to such account, shall be taxed as income on closure of the account or his opting out of the said scheme.
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3. Budget 2016: “If this happens then our customer base will surely increase and it will help raise our corpus substantially,” he said. Hemant Contractor said as compared to other pension schemes, NPS is a bit disadvantageous as both EPFO and PPF enjoy the 'Triple E' benefit. “If our schemes too offer such facility, we think this will help us make join in a large number with our scheme, Contractor said. Hemant Contractor further said PFRDA has urged the government for continuation of the additional deduction of Rs 50,000 for contribution towards the NPS under Section 80CCD. (PTI)
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"In 2016-17, the data available for April-May indicates a continuance of robust inflows," the Minister said. (PTI)
5. Budget 2016: To instill the habit of saving for older age by pension contribution, PFRDA is also planning to introduce a ‘soft compulsion’ approach for the unorganised sector, wherein subscribers will be given voluntary choice to join a pension scheme when they join a job. There has to be some element of soft compulsion to join pension schemes. We are working on that. It is successful model in other countries, so we want it to work here also,” PFRDA Chairman Hemant Contractor added. (PTI)
8th Pay Commission to be implemented only by early 2028? Here’s what central govt employees, pensioners must know
