Tax exemption-Partial withdrawal from NPS not exceeding 25% of the contribution made by an employee from assessment year 2018-19
Budget 2017-18 : Tax-exemption to partial withdrawal from National Pension System (NPS)
The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an employee on closer of his account or opting out shall be exempt up to 40% of total amount payable to him.
In order to provide further relief to an employee subscriber of NPS, it is proposed to amend the section 10 so as to provide exemption to partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-19 and subsequent assessment years.
State Bank of India in its General Meeting of the Shareholders elected four Directors to the Central Board. The meeting…
Voluntary declaration of additional income by increasing WIP was not proper, as assessee will take the additional benefit in the…
Cash payment for purchase of land or property cannot be treated as violation of provisions of section 269SS or 269T…
Income Tax Department has released excel Utility for e-filing ITR-1 and ITR-4 for AY 2026-27 Excel utilities of ITR-1 and…
Amount of money received as Mediclaim not deductible from an award passed by MACT under the head of medical expenses.…
Location of the assessing officer who passed the order shall decide the jurisdiction of the Bench of the Tribunal In…