Here's how the Budget 2016 will affect your personal finances - Moneylife

Here's how the Budget 2016 will affect your personal finances - Moneylife

My VIEW:



With reference to “Withdrawal up to 40% of the corpus at the time of
retirement to be tax exempt in the case of National Pension Scheme (NPS).
Annuity fund which goes to legal heir will not be taxable. 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 on or from 1 April 2016.”
This is a pathetic effort to market NPS. NPS
suffers from several uncertainties and deficiencies (Ref; Chapter 10.3 of VII
CPC Report) and best way to save it from causing further damage to those who
have been forced to become part of the scheme is to merge NPS with the pension
scheme administered by EPFO. Here, just because a scheme(NPS) has been
introduced to deny the benefits of Defined Benefit Pension Scheme/s to ‘future’
employees, features of other retirement plans are being disturbed to make NPS
attractive in comparison.



 M G Warrier

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