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Thread: Accounting Govt contribution to NPS for tax purposes.

  1. #1
    Junior Member iruku.srini is on a distinguished road
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    Default Accounting Govt contribution to NPS for tax purposes.

    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...t%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.

  2. #2
    Senior Member Victor is on a distinguished road
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    Default

    Quote Originally Posted by iruku.srini View Post
    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...t%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
    Last edited by Victor; 02-01-2012 at 03:08 PM.

  3. #3
    Member kamalgupta020 is on a distinguished road
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    Default

    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..

  4. #4
    Junior Member hpgcl.bijender is on a distinguished road
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    Default Counting of past service for pension

    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.

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