The Modi government has made another big announcement in the interest of central employees. Now all the tax benefits available under the National Pension System (NPS) will also be applicable on the Unified Pension Scheme (UPS). Through this, the government is trying to make UPS more attractive for central employees.

UPS is an alternative to NPS

Earlier this year, the Integrated Pension Scheme was introduced for central employees from April 1, 2025. It has been introduced as an option under the NPS. Existing government employees who are already under NPS have also been given a one-time option to switch to UPS. That is to say, it is not mandatory for central employees enrolled under NPS.

what did the government say

According to the information given by the Finance Ministry, employees choosing UPS will get all the tax benefits that are available under NPS. This includes TDS and other tax benefits, which make this scheme more financially attractive. This decision brings parity between the two schemes and gives a level playing field to employees choosing UPS instead of the traditional NPS.

Features of Integrated Pension Scheme

Unified Pension Scheme (UPS) provides a guaranteed pension. In this, the government gives 18.5 percent of the employee’s basic salary and dearness allowance. At the same time, the employee contributes 10 percent. This scheme has been introduced to replace NPS for new employees of the Central Government and as an alternative to NPS for existing employees. Talking about NPS, it is a retirement benefit scheme launched by the Government of India to provide regular income facility after retirement for all the subscribers.

Deadline to choose the option is 30 September

Recently, the government extended the deadline for employees to exercise their option under UPS by three months to September 30. Earlier, eligible employees, including existing government employees, retired employees and spouses of deceased retired employees, had to exercise their option under UPS by June 30, 2025.

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The post Good News: All tax benefits available under NPS will also be applicable to Unified Pension Scheme (UPS). Check Details first appeared on Rightsofemployees.com.

Tax benefits will be available in these cases

The condition for claiming House Rent Allowance i.e. HRA is that you are getting HRA from your employer i.e. your company. Meaning HRA should be a part of your salary. Apart from this, you should be paying rent on the house in which you are living. That house should not be yours.

The calculation will be done like this

The calculation of HRA exemption depends on three things. First, the actual amount received as HRA. Second, 50 percent of basic salary + DA in metro cities and 40 percent of basic + DA in non-metro cities and third, the amount after deducting 10 percent of basic salary + DA from the actual amount of rent. Tax exemption will be available on the amount which is lesser among the three. The HRA amount is deducted from the salary income. This way helps in saving tax.

PAN is imposed if the fare is more than this

To get tax exemption on HRA, you have to give the rent receipt and rent agreement to the employer. If the annual rent is more than Rs 1 lakh i.e. monthly rent is more than Rs 8,333, then according to the circular of the Central Board of Direct Taxes i.e. CBDT, it is mandatory for the employee to provide the PAN number of the landlord. Even if the landlord does not have PAN, the employee can claim HRA.

You can do this work if you do not have PAN card

In such a situation, the employee has two options. The first is that he will have to submit a declaration to the company, which the employee will have to get filled by the landlord. In this, the name, age and other details of the landlord have to be given. In this, the landlord declares that he does not have a PAN card, after which the company accepts it.

The taxpayer also has this option

There is also a possibility that the company may not agree to the declaration. In such a situation, the employee can claim HRA while filing income tax return. However, in this case the employee may receive a scrutiny notice. Since there will be a difference in the income reported by the company in Form-26AS and the income reported in the return filed by the employee. The Income Tax Department may ask about this difference. At that time the employee should have the rent receipt and rent agreement along with the landlord’s declaration.

Be sure to take care of this document

Many times landlords refuse to give PAN number or take rent in cash. In such a situation, registered rent agreement can help. For registration of rent agreement, name, address, duration of the agreement, rent amount along with PAN card and ID proof of the landlord and tenant are required. As soon as the rent agreement is used to claim HRA, the PAN information of the landlord will reach the Income Tax Department. Apart from this, the employee should pay the rent through cheque, net banking or UPI instead of cash.

These precautions will help

To claim HRA, rent agreement and rent receipt are necessary. Making payment through proper rent agreement and banking channel will facilitate the employee in claiming HRA. Also, this income from rent will be visible in the annual information statement of the landlord. In such a situation the landlord will have to pay tax. Otherwise it can be considered as tax evasion.

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NPS Tier 1 account is a long term investment scheme backed by the Government of India. In this, you can create a retirement corpus through locked-in contributions till the age of 60 years. This scheme provides you regular income after retirement. The contribution made in this scheme remains locked till the age of 60 years. However, partial withdrawal facility is also available in certain special circumstances.

Where is your money invested?

The money invested in NPS Tier 1 account goes to the Pension Fund Regulatory and Development Authority i.e. PFRDA. It is the nodal agency that oversees the NPS in India. After this PFRDA allots your funds to different fund managers. These fund managers invest this amount in a diversified portfolio of assets based on the investment scheme you choose.

Ability to give higher returns than PPF

The returns you get on your NPS Tier 1 account depend on the fund you choose and overall market conditions. However, NPS has the potential to offer higher returns than traditional pension plans like PPF. Because it also invests some part of your funds in shares.

These are some special features of NPS Tier 1 account:

• All Indian citizens between the age of 18 to 65 years can open an account in NPS Tier 1 account. NRIs can also participate in this scheme.
• The minimum annual contribution in NPS Tier 1 account is Rs 1000. At the same time, there is no upper limit. You can invest any amount of money in this scheme. You can invest in this scheme on monthly, quarterly, half yearly or yearly basis.
• Investments in NPS Tier 1 account are eligible for tax deduction under Section 80C of the Income Tax Act. Tax deduction can be claimed on Rs 1.5 lakh invested annually here. At the same time, an additional deduction of Rs 50,000 can also be claimed under section 80CCD (1B) for investments made by salaried employees.
• Returns in NPS Tier 1 account depend on the performance of the fund and asset allocation chosen by the investor. This scheme offers a mix of equity and debt funds. You can choose your investment according to your risk capacity.
• On reaching the age of 60 years, you can withdraw 60 percent of the fund, it will be tax free. The remaining 40 percent will be used to purchase an annuity from an IRDA regulated life insurance company. This annuity will provide you regular monthly income for the remaining life.

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Now let us see what are the tax benefits on investing in NPS:-

Tax benefit on investment in Tier-I account under old tax regime

-Tax benefit u/s 80CCD(1) u/s 80CCD(1) up to a maximum of Rs 1.5 lakh in Tier-I account in NPS or 10% of annual salary (basic salary plus DA) for salaried/salaried individuals and non-salaried/self-employed For a maximum of 20% of the gross total income, whichever is less, the benefit of tax exemption ie deduction is available on the investment. For example, if your salary (basic salary plus DA) is 20 lakhs and you contribute 2 lakhs to NPS. But you can get exemption under 80CCD(1) only up to a maximum annual investment of Rs 1.5 lakh.

One more thing 80C (Life Insurance, PPF, NSC, Senior Citizen Savings Scheme, SSY, Bank / Post Office FD, NPS, ULIP, Term Plan, ELSS, Repayment of principal amount of home loan, tuition fees of two children …..etc) , 80CCC (Annuity/Pension Plan) and 80CCD(1) tax exemption can be availed only on annual investment up to a maximum of Rs 1.5 Lakhs.

Tax benefit under 80CCD (1b)

Under 80CCD (1b), investment of Rs 50,000 in NPS Tier-I account is tax exempt in addition to the limit / limit of 80CCD (1). Overall, you can get tax exemption on investment up to a maximum of Rs 2 lakh in NPS in a financial year. Even if you have invested up to a limit of Rs 1.5 lakh annually under 80C and 80CCC, you can still get a separate tax exemption on investment of Rs 50,000 in NPS under 80CCD (1b).

Tax benefit under 80CCD (2)

Under 80CCD (2), there is also a provision for tax exemption on the contribution made by the employer to the NPS for the employee. But the tax exemption will be available only on the contribution of 10 percent of basic salary plus DA for private employees and up to 14 percent of basic salary plus DA for government employees. Deduction under 80CCD(2) is available only to salaried individuals.

Tax benefit on investment in Tier-II account

For central government employees, a provision has been made for tax exemption under 80C on the maximum investment amount of Rs 1.5 lakh in Tier-II account. Provided the lock-in period of the investment is at least 3 years.

Tax benefits under the new tax regime

In the new tax regime, there is a provision of tax benefit under 80CCD(2) only. This means deduction is available on the contribution made by the employer to the NPS for the employee. But this benefit will be available to the private employee only on the amount contributed by the employer up to 10% of his basic salary. While for government employees, on the contribution of 14% of the basic salary plus DA from the employer.

Tax treatment on NPS

NPS is also in EEE ie exempt-exempt-exempt category like PPF (PPF), EPF (EPF) and SSY (SSY). Means where there is no tax on deposit, no withdrawal and no interest received. Means there is tax exemption on maximum 60% withdrawal. In NPS, only 60% of the total maturity amount is allowed to be withdrawn. The remaining 40% of the maturity amount has to be invested in an annuity/pension plan.

Tax on annuity

Although the amount invested in annuity is tax-free, there is no tax exemption on regular income/pension received as returns under annuity. This means that the regular amount received as a return is added to the annual income of the investor and the taxpayer has to pay tax according to the tax slab.

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Aviva India Life Insurance has launched one such new pension plan, which will give you the retirement solution of a guaranteed lumpsum along with a fixed income. Life Insurance Company has launched Aviva New Innings Pension Plan on March 16, 2023.

What is Aviva New Innings Pension Plan offering? (Aviva New Innings Pension Plan Details)

Aviva’s New Innings Pension Plan is a non-linked, non-participating individual pension plan. This plan is designed to accumulate wealth by paying a lump sum or by paying regular premiums, which can create a secure and stable source of income in the form of annuity after retirement.

Aviva New Innings Pension Plan will give the subscribers a corpus of up to 336 percent of the premium paid at maturity. Apart from this, it will also give better returns to policyholders of 51 years or more. The plan will enable customers to customize their retirement plan as per their needs and financial goals, while bringing flexibility in the age of entry and premium payment options.

Mr. Vineet Kapahi, Marketing Head, said, “At Aviva India, we understand the power of compounding and the importance of timely retirement planning for a financially sound future. Aviva New Innings Pension Plan aims to encourage early planning of pension wealth and help the subscribers to ensure financial security during their golden years. With multiple premium paying options and high return potential, our policyholders can be confident that their investments will help them meet their financial objectives for retirement.”

Aviva New Innings Pension Plan Features

• You can easily buy this pension plan without any medical checkup.
• On maturity, you get up to 336% of the premiums paid till then.
• There is an option to align the retirement corpus as per the different stages of your life.
• And you also get tax benefits according to the tax exemption available under the current Income Tax Act.

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Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said on Sunday that several crore PANs have not yet been linked to Aadhaar, but this work is expected to be completed by the end of the March 31 deadline.

Individual PANs not linked with Aadhaar will be declared inactive after March 31, 2023. Individual PANs not linked with Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

Several awareness campaigns were conducted regarding linking of PAN with Aadhaar, the
CBDT Chief said, “Many awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get tax benefits as his PAN itself will not be valid after March.

The CBDT has made it clear in a circular issued last year that once the PAN becomes inactive, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns.

Along with the announcement of making PAN a common identifier, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identifier in the digital system of government agencies.

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The country’s largest bank SBI has also increased its deposit rates on FDs. In this, regular customers are getting a maximum interest of 6.75 percent and senior citizens are getting up to 7.25 percent. SBI gives extra benefits to senior citizens under ‘SBI Wecare deposit scheme’. The deadline of this scheme has been extended to 31 March 2023.

₹2 lakh interest on ₹5 lakh deposit

SBI WeCare Deposit, a special scheme for senior citizens of SBI, is getting interest of up to 7.25 percent. If he deposits Rs 5 lakh in this scheme, then he will get Rs 7,16,130 on maturity of 5 years. That is, only interest income will be Rs 2,16,130.

In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. These interest rates are applicable from December 13, 2022, on deposits of less than Rs 2 crore.

SBI FD: Will get the benefit of tax deduction

Fixed deposits / term deposits of banks are generally considered safe. This is a good option for risk-averse investors. Tax deduction up to Rs 1.5 lakh is available under Section 80C on 5-year tax saving FD. However, the interest earned on FD is taxable. It has a lock in of 5 years. This period can extend up to 10 years. Let us tell you, SBI offers 1% more interest than the existing FD rates to its employees and pensioners.

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The country’s largest bank SBI has also increased its deposit rates on FDs. In this, regular customers are getting a maximum interest of 6.75 percent and senior citizens are getting up to 7.25 percent. SBI gives extra benefits to senior citizens under ‘SBI Wecare deposit scheme’. The deadline of this scheme has been extended to 31 March 2023.

₹2 lakh interest on ₹5 lakh deposit

SBI WeCare Deposit, a special scheme for senior citizens of SBI, is getting interest of up to 7.25 percent. If he deposits Rs 5 lakh in this scheme, then he will get Rs 7,16,130 on maturity of 5 years. That is, only interest income will be Rs 2,16,130.

In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. These interest rates are applicable from December 13, 2022, on deposits of less than Rs 2 crore.

SBI FD: Will get the benefit of tax deduction

Fixed deposits / term deposits of banks are generally considered safe. This is a good option for risk-averse investors. Tax deduction up to Rs 1.5 lakh is available under Section 80C on 5-year tax saving FD. However, the interest earned on FD is taxable. It has a lock in of 5 years. This period can extend up to 10 years. Let us tell you, SBI offers 1% more interest than the existing FD rates to its employees and pensioners.

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At the same time, the budget 2023 is also going to be presented by the central government soon. The government can make many announcements in this budget. Meanwhile, a scheme of the government is quite popular, in which tax exemption is also available. Investors can invest in this scheme of the government annually and get better returns. At the same time, tax exemption is also available in this scheme.

Long term planning We are talking about Public Provident Fund (PPF). Public Provident Fund (PPF) scheme is a very popular long term savings scheme in India due to its combination of tax savings, returns and safety. The PPF scheme was launched in 1968 through the National Savings Institute of the Ministry of Finance. The objective of this scheme is to help people to make small savings and give good returns on savings.

Tax exempt

PPF plans offer attractive interest rates and no tax is to be paid on the returns generated from the interest rates. Which saves a lot. On the other hand, when a person withdraws money from the PPF account, then the amount saved as well as the interest generated is exempt from tax.

Can’t close before time

Invest in this scheme for 15 years and after that tenure can be extended for 5-5 years. At the same time, a minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually in this scheme. Whereas the maturity amount depends on the investment tenure. However, you cannot close the Public Provident Fund account prematurely.

Tax Benefits

Public Provident Fund is one such investment which comes under the Exempt-Exempt-Exempt (EEE) category. This means that the amount you deposit in the Public Provident Fund will be deductible under section 80C of the Income Tax Act. When you withdraw the money, the amount deposited and interest will be exempt from tax. It should be noted that you cannot close the Public Provident Fund account before maturity.

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ELSS scheme benefits:: If you are doing financial planning then tax planning becomes very important. Financial experts recommend that everyone should start investing as soon as possible. Tax and financial expert Garima Bajpai said that your 20s is the right time to start investing. In the beginning, there is less responsibility on you, due to which maximum investment is possible for the future. You are new to the investment world, so choosing the right scheme is also important.

Tax benefits are also available on investment in ELSS

Chartered Accountant Garima said that ELSS ie Equity Linked Saving Schemes are a great option in terms of tax and investment. One should start investing with such schemes. Apart from tax benefits, there is also the benefit of growth in this. Let us know in detail about 5 special features of this scheme.

Lock-in period of 3 years

1>> ELSS is equity based mutual fund in which 80 percent is invested in stock market and 20 percent in debt. There is no maximum investment limit in this, but the minimum investment should be Rs 500. The lock-in period for this is at least 3 years. On investing in it, one gets the benefit of tax deduction under section 80C, which is limited to Rs 1.5 lakh.

Annual return of 14-17 per cent

2>> This scheme is capable of creating wealth in the long term. Looking at its performance, it has given an annual return of 14-17 per cent. Such great returns along with tax benefits are great for investors. If an individual falls in the 30 percent tax bracket, then by investing in it, he can save tax up to Rs 46800 on an annual basis. Talking about the tax on returns, then long term capital gains tax is levied on it. Capital gains up to 1 lakh are tax free. Thereafter, capital gains are taxed at the rate of 10 per cent.

SIP and lump sum investment option

3>> Investors have the option to do SIP in ELSS scheme or the facility of lump sum investment is also available. The SIP can be as low as Rs 500. There is no upper limit for lump sum investment.

Dividend option also available

4>>If an investor opts for dividend option then he will get the benefit of dividend on yearly basis even during the lock-in period of 3 years.

Compete with other schemes

5>> The expert said that the investment options under section 80C also include Public Provident Fund and Fixed Deposit. However, the returns on these schemes are fixed. The return on ELSS depends on the performance of the market. This is the reason why this scheme is more effective in creating wealth from medium and long term point of view. In the last five years, it has given excellent returns of 14-17 per cent on a yearly basis. Since this investment option is directly related to the market. In such a situation, the volatility of the market has a direct effect on your investment. To avoid this, investors are advised to invest for a long period.

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Some important information related to PPF account

The first condition for opening a PPF account is to be an Indian citizen. Also, it is a clear rule that no person can open multiple PPF accounts in the same name. In such a situation, if you want to open two PPF accounts in your name, then you will have to change your thoughts a bit.

Many times people ask that accounts can be opened in more than one bank with the same name, then why can’t PPF accounts be opened in the same name? So the answer to their questions is that there is a fundamental difference between a PPF account and a bank account. PPF account is opened for long-term investment purpose, whereas savings or current accounts are opened in the bank to keep your money safe.

There is no upper age limit for opening a PPF account. That’s why you can open your account in any age group. With this, single parent or parents can also open a PPF account in the name of their minor child. Also, those NRI citizens can continue their PPF account, which they have opened during their residence in the country as a normal citizen of India.

How much can be invested in PPF account?

bank market. According to Adil Shetty, CEO.com, “You can open your PPF account with Rs.100. However, it is necessary to deposit at least Rs 500 in the PPF account in a financial year. Whereas a maximum of Rs 1,50,000 can be deposited in the PPF account. You can also get benefits related to tax deduction from PPF account. But if you have deposited more than 1.5 lakh in your PPF account in a financial year, then you will not get any kind of interest on the amount deposited more than the maximum limit.

The same rule will be applicable to those PPF accounts which are opened by single parent or parents in the name of their minor child. The maximum investment limit for these accounts is also fixed at Rs 1.5 lakh. That is, parents should not invest more than 1.5 lakh in their child’s PPF account.

Documents required to open PPF account

While filling the required form for opening PPF account, you should have self attested photo copy of Aadhar card, Voter ID card, passport size photographs and PAN card. Whereas, for opening a PPF account in the name of a minor, passport size photographs of the child as well as his birth certificate and KYC information of the parents are required.

Rules for withdrawing money from PPF

The rules for withdrawing money from PPF account have been kept a bit strict by the government. So that the investor should be more careful while withdrawing money, although the investor has been given the right to withdraw money as per the requirements by the government. That is, the government has given the investor the right that the investor can withdraw money up to the limit fixed on the basis of different circumstances.

Important information for PPF account holders

There is no doubt in the fact that PPF gives returns with utmost safety, tax benefits and guarantee, but the account holder should always remember that investment in PPF account is made for the long term. However, the interest rate payable on the amount invested in PPF can be changed by the Central Government.

PPF is a safe investment option for long term and is suitable for those who want attractive tax benefits and returns like EPF which is available only to salaried individuals.

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Talking about very senior citizens i.e. elderly people above 80 years, the tax exemption limit for them is Rs 5 lakh, while for non-senior citizens this limit is only Rs 2.5 lakh.

Know what benefits

senior citizens get, this is just one of the many benefits available to senior citizens. If you are a senior citizen or your parents do not have specific knowledge about them, then you can know about all these benefits with us. Download Money9’s application to know about 5 big tax concessions available to the elderly. You can download the app through this link

What is Money9?

Money9’s OTT app is now available on Google Play and iOS. Everything related to your money happens here in seven languages.. This is a unique experiment of its kind. Here are the things related to stock market, mutual funds, property, taxes, economic policies etc., which affect your pocket on your budget. So what is the delay, download Money9’s app and increase your financial understanding because Money9 says that understanding is easy.

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Employees’ Provident Fund (EPF) is one of the most important financial planning and retirement investment options for lakhs of employees. With guaranteed returns and tax benefits, EPF is an investment for most people. Earlier there was also the Tax Rules on EPF on Kia Contribution and Withdrawal, but the government has brought changes in the tax benefits available to the employers and employees for contribution to EPF. With effect from April 1, 2022, provident fund accounts have been divided into taxable and non-taxable accounts. The due date for filing income tax is very near. It is necessary to file the return by 31st July. Let us also tell you what kind of changes the government has made in this. 

Understand the rules in these points

• Any interest on contribution made to EPF of an employee remains tax free only for contributions up to Rs 2.5 lakh per annum.
• Interest is charged to tax on contributions made by an employee in excess of Rs 2.5 lakh annually.
• If an employer is not contributing to the EPF of an employee, then the contribution limit has been increased to 5 lakhs.
• Tax is levied only on the excess contribution above the threshold and not on the total contribution.
• The additional contribution and the interest earned thereon will be kept in a separate account with EPFO.
• Employer’s contribution to Provident Fund (PF), NPS and retirement is tax free totaling Rs 7.5 lakh per annum. 
• The employer has to mandatorily provide EPF contribution for those employees whose monthly income is up to Rs 15,000.
• The EPFO ​​has reduced the interest rate for the financial year 2021-22 to a four-decade low of 8.1 percent. 

Many Assets Are Giving Higher Returns

Even though EPFA interest rates are currently at a 40-year low, but is giving higher returns than many assets. FD rates of public sector banks are still around 6 per cent, while EPFO ​​is giving returns of more than 8 per cent. On the other hand, the interest rates of the small savings scheme of the post office are also much lower than that of the EPFO. The interest rate in the 5-year time deposit scheme is 6.7 percent per annum. The interest rates of Senior Citizen Saving Scheme are being seen at 7.4 percent. Even the interest rates of PPF are being seen at 7.1 percent and Sukanya Yojana 7.6 percent.

File ITR by July

31st is July 31st Last date to file returns The last date to file Income Tax Returns for the financial year 2021-22 (FY22) is approaching soon. The last date for filing income tax return is 31 July 2022. The Income Tax Department made a tweet on Saturday, 16 July 2022, stating the due date. File income tax return for the financial year 2021-22 (FY22). Everyone should remember the last date, which is 31st July 2022. Yelled taxpayers and unaudited cases should file Income Tax Return (ITR) within the due date to avoid problems later. People can file ITR after the deadline has passed but they will have to pay a late fee. For more information about this, you can visit incometax.gov.in.

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