Friday, April 29, 2016
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Indian Real Estate News
Invest NPS Online
As per the budget 2016 proposal, an individual can withdraw 40 per cent of the corpus in National Pension Scheme (NPS) tax-free at the time of retirement.
The budget has not done away with the mandatory provision of using a minimum 40 per cent of the corpus to buy an annuity. It sill exists. Earlier, the individual had the option to use minimum 40 per cent of the corpus to buy an annuity and withdraw 60 per cent of the corpus at the time of retirement, but the withdrawal was taxed as per the Income Tax slab applicable to the individual. Now, he can withdraw 40 per cent of corps tax-free. This is the only change proposed in the budget regarding NPS.
The individual always had the option to use the entire corpus to buy an annuity if she wanted to escape paying taxes at the time of retirement. Now, such an individual just need to use 60 per cent of the corpus to buy annuity to escape tax, as the government is giving her the option to withdraw 40 per cent of the corpus tax-free.
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