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How effective is National Pension System for an employee? Here’s all you need to know The existing provision of section 10(12A) says that the payment from National Pension System (NPS) trust done to an employee on closing his/her account will get an exemption up to 40% of total amount payable. The existing provision of section 10(12A) says that the payment from National Pension System (NPS) trust done to an employee on closing his/her account will get an exemption up to 40% of total amount payable. Now, in order to provide further relief to an employee who is a subscriber of NPS, the FM in the current budget has announced to amend the section 10, which will provide exemption on partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under PFRDA, 2013. The amendment will take effect from 1st April 2018. Earlier, an additional income tax deduction (from FY 2015-16) of Rs 50,000 for contribution towards NPS unde...

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...

Press Information Bureau  Government of India Ministry of Finance 16-October-2015 17:31 IST Roundtable Strategy Meet of Non-Bank Points of Presence (POPs) to discuss NPS penetration in Private sector held; POPs advised to tap the potential which has been created due to the availability of exclusive tax benefits on investment of Rs. 50000/- in NPS  A roundtable strategy meet of Non-Bank Points of Presence (POPs) was held here day before yesterday to discuss NPS penetration in private sector. In his keynote address, Shri R. V. Verma, WTM (F) deliberated on the critical role of the POPs in the NPS architecture in soliciting and offering NPS to the individuals. He further said that POPs can play a vital role in on-boarding corporates in the NPS system and facilitating private sector employees in opting for NPS. Dr. B S Bhandari, WTM (Eco) in his address informed about the present status of subscribers and Asset under Management (AUM). He emphasised that NPS being a l...