seventh Pay Commission Latest News: Centre has provided 3 large reliefs for 18 lakh Central Employees in its first Union Budget. This has no longer received adequate attention and here we explain about how large an opportunity this will become to store money and boom your bank account. Among the new advantages, what stands proud is that vital authorities have proposed tax exemption for 60 according to cent withdrawal from New Pension Scheme (NPS) Fund. This scheme will be applicable from the monetary 12 months 2020-21.
1. Benefits for crores of presidency personnel
Government personnel who draw their salaries as in step with 7th pay Commission pay machine will advantage in a primary manner. Apart from the team of workers at the Centre, the maximum of the states has followed the New Pension Scheme. Crores of kingdom employees are getting enjoy the NPS. Now, they may benefit a greater benefit from the government’s idea. According to the proposal, the important employees will no longer pay any tax at the withdrawal of 60 per cent amount from the NPS account at some stage in the time of retirement. While, within the contemporary machine, most effective 40 consistent with cent amount is tax-unfastened.
2. The authorities hike its NPS contribution
The Modi government has accelerated its contribution inside the NPS account of presidency personnel from 10 per cent to 14 in keeping with cent in its remaining years of governance, which additionally were given the clearance from Central Cabinet. According to the Livemint news, the contribution of employees is stored the identical at ten consistent with cent. This will accumulate a large amount of cash until retirement inside the employees’ NPS account.
Three. Advantage of Section 80C
The significant government has proposed in its price range that the contribution made in the Tier-2 NPS account need to be blanketed below the exemption of Section 80C of Income Tax. If the lock-in duration of the fund is three years, then it has to be protected below tax exemption.
What is NPS account?
There are two varieties of account in NPS — Tier 1 and Tier 2. NPS Tier-1 account is a retirement account, that’s compulsory, at the same time as Tier-2 account is an alternative account which has withdrawal facility.
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