While we all are dealing with the covid-19 pandemic crisis, the topmost priority for all of us is to be safe. In addition to staying safe, we also need to restart and it is important to note that extension granted by the Government to make investments for claiming the tax deductions for FY 2019-20 is due for expiry on 30th June 2020. Hence, you may need to make quick investments to avail tax deductions for the last financial year.
National Pension System (NPS) was introduced by the Government for its new recruits wef 01.01.2004 and subsequently almost all the State Governments has adopted NPS for their employees. NPS can be voluntary subscribed by any citizens of India (resident/non-resident/
overseas) and corporates/employers have adopted NPS as a retirement benefit scheme for its employees.
Subscriber contributing to NPS enjoys the following tax benefits: -
Tax Benefit 1: Deductions on subscriber’s contribution (within 1.5 lac limit)
NPS contributions are eligible for tax deduction u/s 80 CCD(1) of ITax Act (upto 10% of Salary (Basic + DA) or 20% of Gross Income for others) within the overall limit of Rs 1.50 Lacs
Tax Benefit 2: Additional deduction on subscriber’s contribution upto Rs. 50k (above 1.5 lac limit)
Subscriber is allowed an additional tax deduction for contribution made to NPS u/s 80CCD 1(B) of ITax Act subject to a maximum of Rs. 50,000/-.
This deduction is over and above the Rs. 1.5 lac limit prescribed u/s 80CCE of ITax Act and thus, the overall deduction could be Rs. 2 lacs if you contribute in NPS
Tax Benefit 3: Deduction on employer’s contribution (for both employee and employer)
NPS contributions made by employer (upto 10% of the salary) is allowed as a deductible perquisite for employees, subject to a ceiling of Rs. 7.5 lakh (u/s 80CCD(2) read with 17(vii) of ITax Act).
Employer can claim the NPS contributions made to their employees’ NPS accounts (upto 10% of the salary) as an exempted business expense u/s 36(1)(iva) of ITax Act
Tax Benefit 4: NPS is effectively Exempt, Exempt, Exempt product
NPS is an Exempt, Exempt, Exempt (EEE) product, meaning subscriber gets tax exemption at the time of investment, accumulation and withdrawal (maturity).
Tax Benefit 5: No tax on amount received as lumpsum at maturity
At maturity, the lumpsum amount received by subscriber (maximum 60% of corpus) is an exempted income u/s 12A of ITax Act and the balance amount paid for purchasing annuity (minimum 40% of corpus) is also an exempted income u/s 80CCD(5) of ITax Act. These exemptions are irrespective of the amount involved i.e without monitory ceiling.
Tax Benefit 6: No GST for annuity purchase through NPS
Goods and Service Tax (currently 1.8%) otherwise payable while purchasing an annuity product/scheme, is not levied when annuity plan is purchase through NPS.
Tax Benefit 7: No tax on partially withdrawn amount
The amount withdrawn from NPS for emergency purposes (Partial Withdrawals) are tax-exempt u/s 12B of ITax Act.
More to know:
- NPS also offers an investment option in the form of Tier-II account, wherein investments are withdrawable at any point of time. While you can utilize the services of Pension Funds (fund manager) and have desired asset allocation under this account, there is no separate Annual Maintenance Charge (AMC). You can also switch funds from Tier II to Tier I account online.
- Dual benefit of Low Cost and Power of compounding: NPS carries the benefit of being one of the lowest cost pension products in the world. The overall costs in NPS are the lowest due to economies of scale in operations of the system architecture. Also, accumulation of the retirement corpus over a period gets accelerated on account of the compounding effect and nominal charges borne by the subscriber.
From - Pension Fund Regulatory and Development Authority (PFRDA)
📁ARE YOU ABSOLUTELY IN NEED OF THE SERVICES OF A PROFESSIONAL HACKER?(CATCHING A CHEATING SPOUSE[Phone Hack], RECOVERY OF LOST FUNDS, CREDIT SCORE UPGRADE, WEBSITE HACK...)
High prolific information and Priviledges comes rare as i would be sharing with you magnificent insight you wish you heard years before now. As it's been understood that what people don't see, they will never know.
When you wonder “which hacking company should I hire, the first aspect that should concern you is quality. Clearly, you want to embark for services that povides swift response, Thanks to our talented and Astonish Hackers , you are rest assured that your expectations will always be met. You’ll be glad to find out that our services Implies precisions and actions.
This post is definitely for those who are willing to turn their lives around for the better, either financial-wise, relationship-wise or businesses.
Welcome to the Global KOS hacking agency where every request on hacking related issues are met within a short period of time.
If your shoe fits in any of the required services below, you will be assigned to a designated professional hacker who is systematically known for operating on a dark web V-link protocol.
The manual Operation of this hackers is to potentially deploy a distinguished hacking techniques to penetrating computers and various type of database system to meet your request.
Penetration of computing systems are achieved using core software tools like Ransomeware, SQL/Keylogger injection. botnet, trojan and DDOS attacks.
Providing value added services to clients as a hacker has been our sustaining goal.
Are you faced with cyber challenges like
💰Recovery of lost funds:✅It saddens our mind when client expresses annoyance or dissatisfaction of unethical behaviours of scammers. We have striven to make tenacious efforts to help those who are victims of this flees get off their traumatic feeling of loss. The cyber security technique used to retrieving back the victims stolen funds is the application of a diverse intercall XX breacher software enables you track the data location of a scammer. Extracting every informations on the con database, every requested information required by the Global KOS would be used to tracking every transaction, time and location of the scammer using this systematic courier tracking base method.
📲 Hacking into the mobile phone of a cheating spouse.✅ This type of hack helps you track every movement of your cheater as we are bent on helping you gain full remote access into the cheater's mobile phone using a Trojan breach cracking system to penetrate their social media platforms like Facebook, whatsapp, snapchat etc. This spy processing is used via an HDSI folder which synchronizes the target mobile operating system into a clone S-Drive unit.
💳Credit Score Upgrade:✅Due to our transformed changes on Equifax tracking , upgrading of credit score are backed by our cyber tech breaching licence, This hacking process drastically generates you an undestructive higher credit score which correlates to a higher level of creditworthiness. The time frame for upgrading a credit score requires eighteen(18) hours
🅱️ BITCOIN GENERATOR:✅ (Higher job profile). This involves using the ANTPOOL Sysytem drifting a specialized hardware and software implementing tool in slot even-algorithms to incentivize more coins into your wallet which in turn generates more coins exponentially like a dream at specified intervals.
The company is large enough to provide comprehensive range of services such as.
• Email hacks📲
• Hacking of websites.📲
• Uber free payment hacks.📲
• website hack.📲
Our strength is based on the ability to help you fix cyber problems by bringing together active cyber hacking professionals in the GlobalkOS to work with.
✉️Email: clarksoncoleman(at)gmail • com.
Thanks for sharing such an informative.
if you required any TAX and GST Consultants, plse visit
synmac consultants in BANGALORE | CHENNAI | DELHI
SYNMAC.IN | GST CONSULTANTS IN BANGALORE | GST RETURN FILING IN BANGALORE | TAX CONSULTANTS IN BANGALORE | COMPANY REGISTRATION IN BANGALORE | GST REGISTRATION CONSULTANTS IN BANGALORE
Post a Comment