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iruku.srini
02-01-2012, 12:52 PM
Sir,

Please refer the CIRCULAR NO. 05/2011 dated 16.08.2011 which can be accessed at the following link
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=CIR&schT=&csId=5bf68e8a-bca1-436c-bb2d-5a0efaa93a9a&crn=&yr=ALL&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

On Page no. 30 of the above circular, it is stated that the contribution made by Govt. towards NPS need not be taken into account for deduction (in the limit of one lakh).

Please explain;
Is the contribution made by Govt in NPS must be taken for deduction?
Or the contribution made by the individual in NPS plus his individual savings to be taken into account?

Please clarify ad help.

Srinivas.


Please clarify.

Victor
02-01-2012, 02:37 PM
Sir,

Please refer the CIRCULAR NO. 05/2011 dated 16.08.2011 which can be accessed at the following link
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=CIR&schT=&csId=5bf68e8a-bca1-436c-bb2d-5a0efaa93a9a&crn=&yr=ALL&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

On Page no. 30 of the above circular, it is stated that the contribution made by Govt. towards NPS need not be taken into account for deduction (in the limit of one lakh).

Please explain;
Is the contribution made by Govt in NPS must be taken for deduction?
Or the contribution made by the individual in NPS plus his individual savings to be taken into account?

Please clarify ad help.

Srinivas.


Please clarify.

Govt. contribution under NPS is NOT to be taken into account for tax purposes. It is the savings/contributions which you make from your salary towards specific heads that is to be brought under the Rs. 1.00 lakh ceiling for claiming tax benefits.

Victor

kamalgupta020
03-01-2012, 12:20 AM
please refer to http://wealth.moneycontrol.com//showstory.php?id=17182 link

this is the new decision taken by GOI about NPS

as per above link 'contribution made by the individual in NPS' should neither be included as a taxable income nor as a saving ( in 1.00 L limit).....

about 'contribution made by Govt in NPS' i am not sure..

if you got any clarification about this then please let me know also..

hpgcl.bijender
19-06-2012, 12:48 PM
Sir, i have joined govt. service in Haryana 04.10.2002 as a Instructor in industrial training& vocational deptt. iwas covered under old pension scheme. On dated 19.07.2010 i joined on the post of assistant engineer in Haryana power generation corporation limited under the govt. of Haryana . I have applied through proper channel. Kindly guide me Iwill be covered under old pension scheme or NPS.