MOVING TOWARDS A PENSIONED SOCIETY
Withdrawal up to 40% of the corpus at the time of retirement to be tax
exempt in the case of National Pension Scheme (NPS).
Annuity fund which goes to legal heir will not be taxable.
In case of superannuation funds and recognized provident funds,including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made on or from 1.4.2016.
Limit for contribution of employer in recognized Provident and Superannuation Fund of ` 1.5 lakh per annum for taking tax benefit. Exemption from service tax for Annuity services provided by NPS and Services provided by EPFO to employees.
Reduce service tax on Single premium Annuity (Insurance) Policies from 3.5% to 1.4% of the premium paid in certain cases.
Withdrawal up to 40% of the corpus at the time of retirement to be tax
exempt in the case of National Pension Scheme (NPS).
Annuity fund which goes to legal heir will not be taxable.
In case of superannuation funds and recognized provident funds,including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made on or from 1.4.2016.
Limit for contribution of employer in recognized Provident and Superannuation Fund of ` 1.5 lakh per annum for taking tax benefit. Exemption from service tax for Annuity services provided by NPS and Services provided by EPFO to employees.
Reduce service tax on Single premium Annuity (Insurance) Policies from 3.5% to 1.4% of the premium paid in certain cases.