Aiming to provide further incentives to the National Pension System (NPS) subscribers, new provisions were introduced in the Finance Bill 2017 in Parliament on Thursday. At the time of normal exit, 40 percent of the total corpus is mandatorily required to be purchased for annuity. This benefit will be effective on partial withdrawal made by the subscriber after April 1, 2017. This benefit will be available on contribution made by the self employed persons on or after April 1, 2017. 50, 000 under Section 80CCD (1B) will continue to remain the same for all NPS subscribers whether salaried or self-employed.

Source: dna February 02, 2017 07:52 UTC