pension plans apart from playing a significant role in retirement planning, also offer tax benefits under a dedicated section i.e. Section 80CCC
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
The forces, especially those involved in counter insurgency and anti-Naxal operations besides those guarding the border heaved a sigh of relief after the Centre recently accepted their demand of restoring the old pension scheme with retrospective effect. Five years ago, the government had framed rules which did not entitle jawans recruited in central police forces after 2004, to pension benefits.
Adarsh Kumar, the son of a farmer and a Class 12 student from rural Bihar, is on a mission to build one of India's largest free skill development movements, powered only with a laptop, free Internet and his relentless determination.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The report mentioned that the government spends 2.2 per cent of the GDP on pension bill.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
Congress leader Rahul Gandhi accused the BJP of rigging the Maharashtra assembly elections and expressed concerns about similar tactics being used in the upcoming Bihar polls. He alleged that the special intensive revision of electoral rolls in Bihar is an attempt to manipulate the election process.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
The decision taken at a meeting of the Union Cabinet presided over by Prime Minister Narendra Modi will result in an additional annual expenditure of Rs 8,450 crore, according to the defence ministry.
Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
In a liberal proposal, the Sixth Central Pay Commission has recommended full pension benefit to government employees after 20 years of service, as against the existing 33 years. The hike in gratuity limit to Rs 10 lakh, exclusion of the earned leave encashed while in service from the overall limit, clubbing of earned leave and half-day pay leave for encashment and higher pension to octogenarians are the other liberal steps suggested by the commission.
Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet in Chandigarh.
The Union Cabinet on Friday increased the dearness allowance and dearness relief by 4 per cent to 42 per cent to benefit 47.58 lakh central government employees and 69.76 lakh pensioners. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief will be Rs 12,815.60 crore per annum, I&B Minister Anurag Thakur told reporters after the meeting of Cabinet Committee on Economic Affairs (CCEA).
The pensioners have been agitating for last 18 years
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
Switching to the UPS could be a game-changer for your retirement planning, especially if you value guaranteed benefits and higher government contributions, observes Ramalingam Kalirajan.
'A large part of my effort will be solving issues for the whole of Sugar Land, all communities, all populations.'
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
In a big relief to over a crore retired employees of government and PSUs, a pensioner can now digitally provide proof of his existence to authorities for continuity of pension every year instead of requiring to present himself physically or through a Life Certificate issued by specified authorities.
The government on Wednesday announced that dearness allowance for govt employees has been hiked to 6 per cent.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
When we look at the pension expenditure of the states, so far, there has been no gain from the NPS reform. Pension expenses as a share of total state revenue expenditure rose from 4% in 1991-1992 to 10% at the time of the NPS reform, and have risen further to about 12%, observes Ajay Shah.
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers. Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
Gandhi has been questioning the 'Agnipath' scheme since it was unveiled on June 14 by the Centre.
Shivakumar said, "Mahayuti leaders should visit my state to see how Congress' welfare guarantees are benefiting people."
The decision is likely to bring additional amount of about Rs 1,500 crore or Rs 15 billion (including interest) in the books of MTNL as refund from government for the pension that the PSU paid to its employees.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Board for Control of Cricket in India on Monday announced a hike in the monthly pensions of former cricketers and umpires.
The decision to suspend this benefit will hit 32 lakh pensioners.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Global funds have pulled out Rs 1.54 trillion from domestic stocks in fiscal 2024 - 25 (FY25), the highest-ever outflow recorded so far, according to the data compiled by Business Standard. The last time the global funds exited Indian shores in droves was back in 2022, when they sold a net Rs 1.41 in the backdrop of Covid-19.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 per cent taxpayers have opted for new tax regime, a source said. Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.
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