NPS aims at ensuring financial security to every citizen by encouraging them to start contributing towards the old age saving.
The withdrawal right is hemmed by many conditions.
Ramalingam Kalirajan explains the pros and cons of both investment types.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created - a proxy for net new formal jobs created - fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22.
But to avail the benefit of this new tax-saving scheme you will need to ask your employer to make some changes to your CTC package.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
The 'restore old pension' campaign is being spearheaded by the National Movement for Old Pension Scheme (NMOPS), a federation with over 13 lakh government employees as its members.
Suggestions have been invited from the public to improve the draft bill and July 19 is the last date for it.
All those years of contributions not adding up to a big reward definitely makes the scheme unappealing.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Before you file your income tax return this year, have a look at the amendments that might help you take the most possible tax benefit.
It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
Maharashtra Chief Minister Uddhav Thackeray on Sunday night announced a statewide curfew in Maharashtra for 15 days from April 14. However, he clarified, essential services were exempt from the curbs.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
The statement comes in the wake of two independent members of the NSC, P C Mohanan and J V Meenakshi, quitting the Commission over disagreements with the government on the back-series GDP data and delay in release of labour force survey. Mohanan was also the acting chairperson of the Commission.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
Highly-placed sources in the government say that none of the senior ministers had any inkling of Patel's resignation
'Basic Covid protocols were not followed, which is why so many teachers lost their lives.'
On retirement, you will draw a lesser amount as pension.
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Since NPS is used for a long-term goal like retirement, allowing younger investors to have higher exposure to equities will give them a chance to earn higher returns.
Reserve Bank will hold its first bi-monthly monetary policy review for 2016-17 on Tuesday.
'Institutional ownership, by December 2018, had increased 37.5% from approximately 22% in early 2009,' points out Amit Tandon.
Investors across age groups and risk appetite can invest in these schemes.
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
It's better to inform your new employer about income earned and deduction availed with the previous one.
The EPFO has about 3.7 crore (37 million) members.
Finance Minister Arun Jaitley announced several reforms.
Taxation has played spoilsport despite double digit returns.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
Raising equity exposure to 50 per cent in the National Pension Scheme will benefit young investors, provided they can stomach higher volatility.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
From April 1, subscribers will be able to change investment option & asset allocation twice a year, instead of once. Use greater flexibility offered by pension scheme judiciously.
The independent institute advising the PM on jobs seems to have missed the point that the challenge is to create net additional jobs, says Mahesh Vyas.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
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