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Income Tax Exemption Raised on Pension Schemes

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Offline raj

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Income Tax Exemption Raised on Pension Schemes
« on: February 29, 2016, 07:54:53 PM »

Income Tax Exemption Raised on Pension Schemes - Union Budget 2016-17 has raised the tax exemption limit on PENSION SCHEMES. Few of features are :

1.  Withdrawal from NPS corpus of up to 40% at the time of retirement has been made tax exempt.

2. Similarly, 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 after 1 April 2016.

3. Annuity fund which goes to the legal heir after the death of pensioner will not be taxable in all three cases.


 

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