STAFF PORTAL- CGE NEWS PORTAL

New Benefits for NPS Subscribers in Union Budget 2017-18 Press Information Bureau  Government of India Ministry of Finance 02-February-2017 12:20 IST New Benefits announced for NPS Subscribers in Union Budget 2017-18   In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today.  Tax-exemption to partial withdrawal from National Pension System (NPS)   The existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from National Pension System (NPS) to a subscriber on closurer of his account or opting out shall be exempt up to 40% of total corpus at the time of withdrawal . The amount utilized for purchase of annuity is also tax exempt. At the time of normal exit, 40% of the total corpus is mandatorily required to be purchased for annuity. The subscriber has the option to use higher amount for purchas...

Key Features of Budget 2017-2018 INTRODUCTION In the last two and half years administration has moved from discretionary, favoritism based to system and transparency based Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016 Economy has moved on a high growth path. India’s Current Account Deficit declined from about 1% of GDP last year to 0.3% of GDP in the first half of 2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in global FDI inflows. Foreign exchange reserves have reached 361 billion US Dollars as on 20th January, 2017 War against black money launched Government continued on path of fiscal consolidation, without compromising on public investment. The Indian economy has been robust to mild shocks and IMF forecasts, India to be one of the fastest growing major economies in 2017 CHALLENGES IN 2017-18 World economy faces considerable uncertainty, in the ...