• Home
  • 7th Pay Matrix
  • Pay Calculator
  • DA Table
  • DA News
  • 8th CPC News
  • KV Fees

Central Government Employees Latest News

7th Pay Commission Latest News Today 2023, 7th Pay Matrix Table PDF, Expected DA Calculation, DA Rates Table, 8th Pay Commission Latest News

Latest 7th pay commission pay scale calculator
  • Holidays 2023
    • Holidays 2022
    • Holidays 2021
    • Holidays 2020
    • Holidays 2019
    • Holidays 2018
  • DoPT Orders
  • Expected DA
    • AICPIN
  • CSD AFD
  • Retirement Age
    • CGHS Subscription
    • CGHS Hospitals
    • CGHS Rates
    • OROP-2 Table
  • Gold Price
    • KVS Admission 2023-24
You are here: Home / INCOME TAX / Tax-exemption to partial withdrawal from National Pension System (NPS)

7th Pay Commission Latest News Today 2023
Central Government Employees News Today 2023
7th Pay Salary Calculator 38% DA 7th CPC Increment Calculator
Expected DA for January 2023 8th Pay Commission News

7th CPC Pay Fixation Calculator Retirement Date Calculator 2023
Leave Encashment Calculation & Calculator 2023 KVS Fee Online Payment 2023-24
18 Months DA Arrears for CG Employees Govt First Salary Calculator
Latest News from 7thpaycommissionnews.in

Tax-exemption to partial withdrawal from National Pension System (NPS)

February 4, 2017 admin Leave a Comment

Tax-exemption to partial withdrawal from National Pension System (NPS) : This benefit will be effective on partial withdrawal made by the subscriber after 1st April 2017.

Press Information Bureau
Government of India
Ministry of Finance

02-February-2017 12:20 IST

New Benefits announced for NPS Subscribers in Union Budget 2017-18

In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today.

Tax-exemption to partial withdrawal from National Pension System (NPS)
The existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from National Pension System (NPS) to a subscriber on closurer of his account or opting out shall be exempt up to 40% of total corpus at the time of withdrawal . The amount utilized for purchase of annuity is also tax exempt. At the time of normal exit, 40% of the total corpus is mandatorily required to be purchased for annuity. The subscriber has the option to use higher amount for purchase of annuity.

In order to provide further relief to the subscriber of NPS, it has been proposed to insert a new clause (12B) in the section 10 of Income Tax Act, 1961 to provide exemption on partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under.

This benefit will be effective on partial withdrawal made by the subscriber after 1st April 2017.

Further, Contribution up to 20% of the Gross Income of the Self-employed individual (Individual other than salaried class) will be deductible from the taxable income under Section 80CCD (1) of the Income Tax Act, 1961, as against 10% earlier.

This is with a view to provide parity between a salaried employee and a self-employed.

This benefit will be available on contribution made by the self employed persons on or after 1st April 2017.

This increased limit for tax benefit will help the self-employed individuals, to save taxes on higher contribution in NPS and thereby properly plan for their old age income security.

Additional tax deduction on investment upto Rs. 50000/- under Section 80CCD (1B) will continue to remain the same for all NPS subscribers whether salaried or self-employed.


Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    Partial withdrawal under NPS for specified illness
    NPS Latest News: Processing of Partial Withdrawal Request
    NPS Withdrawal Rules – Partial Withdrawal from NPS Procedural Guidelines
    Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber–PFRDA
    New Norms for Withdrawal of National Pension System (NPS)
    PARTIAL WITHDRAWAL FROM NPS ORDERS ISSUED BY PFRDA
    Subscriber details of CG Employees under National Pension System as on 3.10.2015

Filed Under: INCOME TAX, New Pension Scheme, NPS

KV School Class 1 Online Admission Open Today at 10 AM

Kendriya Vidyalaya Class 1 Online Admission Kick-off Tomorrow at 10 AM

March 26, 2023 By admin Leave a Comment

This guide offers all the essential information related to the admission process for Class 1 in Kendriya Vidyalaya schools … [Read More...]

Cabinet Approves 4% Dearness Allowance to Central Government employees

Cabinet Approves 4% DA to Central Government employees

March 25, 2023 By Ekanathan Leave a Comment

The Union Cabinet Committee has approved an increase in the Dearness Allowance by 4%, which will be effective from the 1st of … [Read More...]

42% DA for Central Government Employees from 1.1.2023

42% Dearness Allowance for Central Govt Employees from 1st Jan 2023

March 25, 2023 By Ekanathan 7 Comments

DA for January 2023 is Concluded! 4% Additional DA Hike! 42% DA from January 2023 for CG Employees The Union Cabinet Committee … [Read More...]

Any proposal to raise the Child Education Allowance from 27000 to 60000 for Central Government employees

Any proposal to raise the Children Education Allowance from 27000 to 60000 for Central Government employees?

March 25, 2023 By Ekanathan Leave a Comment

Is the Government planning to enhance the children education allowance from Rs. 27,000 to Rs. 60,000 per year per child for … [Read More...]

Retirement Date Calculator of Central Govt Employees

Retirement Date Calculator for Central Government Employees

March 25, 2023 By admin 5 Comments

Retirement Date and Retirement Benefits Calculator How to calculate 60 years from the date of birth online?: There is an online … [Read More...]

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

7th Pay Commission Latest News

  • Kendriya Vidyalaya Class 1 Online Admission Kick-off Tomorrow at 10 AM March 25, 2023
  • 42% Dearness Allowance for Central Govt Employees from 1st Jan 2023 March 25, 2023
  • Latest Amendments on Civil Dress Code for RPF in Railways March 24, 2023
  • Old Pension Scheme for Central Govt Employees Recruited on or before 22.12.2003 March 24, 2023
  • KVS OMR Sheet and Answer Key 2023 Released: Check Direct Download Link Here March 24, 2023
  • Sharing of Family Pension to Eligible Widows or Children March 24, 2023
  • Railway Board LDCE Quota: Medical De-classified Personnel Selection March 24, 2023
  • Check IRCTC E-Tickets Against E-Passes/PTOs | HRMS App March 24, 2023
  • Implementing 5-day work week in banks soon! March 24, 2023
  • Clarification on Compassionate Appointment in Level-7 to Railway Employees March 24, 2023
  • NPS to OPS for Recruited Against Post or Vacancy Advertised, Notified for Recruitment March 23, 2023
  • 7th UGC Pay Commission | Revision of Pay Scale of Teachers in Universities and Colleges March 23, 2023
  • Latest Details on Demands for Old Pension Scheme March 21, 2023
  • Criteria for Setting up Jawahar Navodaya Vidyalaya – Latest Updates March 20, 2023
  • Rules for Schools Seeking CwSN Affiliation | Board for Children with Special Needs March 13, 2023

Top Stories 2023

7th Pay Matrix Table
DA Latest News 2023
KV Fee Structure 2023-2024
7th CPC Salary Calculator January 2023
Bakrid Date in India 2023
7th CPC DA Calculation 2023
Amavasya Date Calendar 2023
Expected DA Calculator January 2023
7th Pay Matrix Level 6
First Month Salary Calculator 2023
Pay Matrix Full Size Image
Post Office Holidays 2023
HRA New Rates 2023
New TA Rates 2023
SBI Bank Holidays 2023
Pay Matrix Level 7 Salary
Pay Level 4 Salary
Pay Matrix Level 8 Salary
7th Transport Allowance New Rates
7th CPC Increment Calculation
KVS Class 1 Admission 2023-2024
Expected Bank DA Calculator 2023

7th Pay Commission Latest News Today 2023

Fitment Factor Table PDF
7th CPC Pay Fixation
7th CPC Pension Calculation
7th CPC Pension Fixation Examples
7th CPC Voluntary Retirement Scheme
DA Calculation as per 7th CPC
7th CPC MACP Scheme
7th CPC Children Education Allowance
7th CPC Transport Allowance
7th CPC Increment
7th CPC HRA
7th CPC Classification of Posts
7th CPC Armed Forces Personnel
7th CPC House Building Advance
7th CPC Leave Rules
7th CPC Travelling Allowance
7th CPC LTC Rules
7th CPC Reservation Policy
7th CPC Risk and Hardship Matrix
7th CPC New Pension Scheme
7th Pay Commission Fitment Table
7th CPC Allowances
7th CPC Advances
7th CPC AICPIN
7th CPC Briefcase Allowance
7th Pay Commission CGEGIS
7th CPC Dress Allowance
7th CPC Child Care Leave
List of Sainik Schools
Latest Dopt Orders
CSD AFD Login
CGHS Subscription Ward Entitlement
CGHS Hospital List
CGHS Package Rates
CGHS Online Booking

7th Pay Commission News Discussions

  • Hav. Jeevaratnam on OROP Table No.7 – Havildar and Hony Naib Sub and Equivalent
  • K N Sati on 7th Pay Commission Basic Salary Calculator India
  • M.K.KUMAR on 7th Pay Commission Latest News for Pensioners 2021
  • Raviprasad Golla on CGHS Pune – Fresh list of HCOs under CGHS
  • Nilesh Patel on 7th Pay Commission Latest News for Pensioners 2021
  • M.K.KUMAR on DA Hike Announcement For Central Govt Employees Likely Today
  • krishnappa on DA Arrears Release to Central Govt Employees and Pensioners – Latest Update

Latest News

  • 7th Central Pay Commission
  • 7th CPC Concordance Table
  • 7th CPC Defence
  • 7th CPC Dopt Orders
  • 11th Bipartite
  • 7th CPC HRA
  • 7th CPC Increment
  • 7th CPC Pay Matrix
  • 7th CPC Pay Scale
  • 7th CPC Pay Scale Calculator
  • 7th CPC Pension Calculation
  • 7th CPC Projected Pay Scale
  • 7th CPC Report
  • 7th CPC Transport Allowance
  • 7th Pay Commission Latest News
  • AICPIN
  • Armed Forces
  • Bank Employees News
  • Bonus
  • Central Government Employees News
  • CGEGIS
  • CGHS
  • Children Education Allowance
  • Compassionate Appointment
  • DA Merger
  • Dearness Allowance
  • Dearness Relief
  • Dopt Orders
  • Employment News
  • Expected DA
  • Finmin Orders
  • Freezing of DA and DR
  • Gramin Dak Sevaks
  • Google News
  • Holidays
  • HRA
  • INCOME TAX
  • IPL Cricket
  • IRCTC News
  • JCM Meeting
  • KV Schools
  • LDC UDC Issues
  • MACP
  • LTC
  • National Council Meeting
  • NPS to OPS
  • New Pension Scheme
  • OROP
  • Pay Fixation
  • PCDA Circulars
  • Retirement age
  • Voluntary Retirement Service

Copyright © 2023 - Central Government Employees News - 7th Pay Commission News - Site maintained by TEUT Digital Concepts