7th Pay Commission: Centre proposes big saving opportunities for government employees

7th Pay Commission: Centre proposes big saving opportunities for government employees

7th Pay Commission:  The Union Finance Minister Nirmala Sitharaman has increased the income tax exemption limit on withdrawal from NPS account and has also announced additional tax benefits for employees who contributes towards the NPS. 

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7th Pay Commission: In the budget 2019, the government has proposed to increase the income tax exemption limit on withdrawal from NPS corpus to 60 percent from the existing 40 percent.7th Pay Commission: In the budget 2019, the government has proposed to increase the income tax exemption limit on withdrawal from NPS corpus to 60 percent from the existing 40 percent.
BusinessToday.In
  • Jul 12, 2019,
  • Updated Jul 12, 2019 3:47 PM IST

7th Pay Commission: In a big relief to 18 lakh government employees, the union cabinet, in its annual budget 2019 has provided them a big opportunity to save money and expand their bank balance. The government has amended certain income tax rules on the investment in the National Pension Scheme (NPA) which will directly benefit central government employees.

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 The Union Finance Minister Nirmala Sitharaman has increased the income tax exemption limit on withdrawal from NPS account and has also announced additional tax benefits for employees who contributes towards the NPS.  Central Government employees who draw their salaries as per 7th pay Commission scheme , will benefit in a major way.

NPS is a government sponsored saving scheme, which was launched in 2004 for government employees. Under this, an individual can contribute regularly in a pension account during their working life, withdraw a part of the corpus in a lump sum and can also use the remaining funds to buy an annuity to secure a regular income after retirement.

7th Pay Commission: In a big relief to 18 lakh government employees, the union cabinet, in its annual budget 2019 has provided them a big opportunity to save money and expand their bank balance. The government has amended certain income tax rules on the investment in the National Pension Scheme (NPA) which will directly benefit central government employees.

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 The Union Finance Minister Nirmala Sitharaman has increased the income tax exemption limit on withdrawal from NPS account and has also announced additional tax benefits for employees who contributes towards the NPS.  Central Government employees who draw their salaries as per 7th pay Commission scheme , will benefit in a major way.

NPS is a government sponsored saving scheme, which was launched in 2004 for government employees. Under this, an individual can contribute regularly in a pension account during their working life, withdraw a part of the corpus in a lump sum and can also use the remaining funds to buy an annuity to secure a regular income after retirement.

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