Income Tax

Online withdrawal application mandatory under New Pension Scheme from 01/04/2016

Online withdrawal application mandatory under New Pension Scheme from 01/04/2016

Ministry of Finance

11th March, 2016

Online Application for Withdrawal under New Pension Scheme

The Pension Fund Regulatory and Development Authority (PFRDA) had issued a Circular dated February 25, 2015, making it mandatory for all the Nodal Offices to process the withdrawal claims of their underlying subscribers on the online platform made available on the Central Recordkeeping Agency (CRA) system from April 1, 2015. However, it was observed that majority of the withdrawal requests were still being received in physical form (without capturing online withdrawal request) resulting in delay in processing of withdrawal claims of the subscribers. Therefore, it has been decided that with effect from April 1, 2016 only such withdrawal requests raised on online platform will be accepted at CRA for further processing and settlement.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

*****

DSM/KA
(Release ID :137816)

Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand

Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order…

1 day ago

Income Tax

Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts

The issue already examined and adjudicated by the quasi-judicial authority, i.e., CIT(Appeals), cannot be reopened on the same set of…

2 days ago

Income Tax

TDS can’t be denied for non deposit of tax deducted by the deductor – High Court

One TDS is deducted, credit has to follow, failure of deductor to deposit the amount to the credit of the…

3 days ago

Income Tax

Cash withdrawal from bank can’t be taxed u/s 69C as unexplained expenditure – ITAT

Merely because assessee did not explain purpose of cash withdrawal from bank, it can not be taxed u/s 69C as…

4 days ago

A bland statement of ‘fraud or concealment of facts” in GST Notice u/s 74 not sufficient – SC

In GST Notice u/s 74, allegations should emanate from itself, a bland statement of ‘fraud or concealment of facts” not…

6 days ago

Income Tax

For claiming deduction u/s 57(iii), test is of purpose and connection, not actual yield – ITAT

For claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure incurred and the income…