TaxTMI 
TaxTMI 
Measures for moving towards a pensioned society
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....easures for moving towards a pensioned society <br>Budget<br>Dated:- 29-2-2016<br><BR>While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said ....
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....that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme(N....
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....PS). 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 afte....
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....r 1.4.2016. Further, the annuity fund which goes to the legal heir after the death of pensioner will not be taxable in all three cases. He also proposed a monetary limit for contribution of employer ....
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....in recognized Provident and Superannuation Fund of ₹ 1.5 lakh per annum for taking tax benefit. He proposed to exempt from service tax the Annuity services provided by the National Pension Sche....
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....me (NPS) and Services provided by EPFO to employees. Also, he proposed to reduce service tax on Single premium Annuity (Insurance) Policies from 3.5% to 1.4% of the premium paid in certain cases.<BR> ....
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....News - Press release - PIB....