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of <h1>Finance Bill 2017: New Tax Exemption for Partial NPS Withdrawals up to 25% of Contributions, Effective April 2018.</h1> The Finance Bill, 2017 proposes an amendment to section 10, introducing clause (12B), which allows a tax exemption on partial withdrawals from the National Pension System (NPS) Trust. This exemption applies to withdrawals not exceeding 25% of the employee's contributions, aligning with the Pension Fund Regulatory Development Authority Act, 2013. This change, effective from April 1, 2018, applies to the assessment year 2018-2019 and onwards. The existing clause (12A) already provides a 40% tax exemption on the total amount payable from the NPS Trust upon closure or opting out of the scheme.
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