December 17, 2025 03:44 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Goa nightclub fire horror: Luthra brothers brought back to India from Thailand, arrested | Messi chaos costs minister his job: Aroop Biswas resigns after Salt Lake Stadium fiasco | Bengal SIR draft list out: Around 58 lakh voters’ names dropped | Relief for Sonia, Rahul Gandhi as Delhi court refuses to act on ED chargesheet in National Herald case | Centre moves to replace MGNREGA with 'G Ram G', sets stage for winter session showdown | Messi surrounded by VIPs, fans rage: Five held in stadium vandalism case | 'Messi was uncomfortable, lost his cool!': Ex-India footballer reveals what really happened at chaotic Kolkata stadium | PM Modi embarks on historic three-nation visit to Jordan, Ethiopia, and Oman | Caught in Thailand! Fugitive Goa nightclub owners detained after deadly fire kills 25 | After Putin’s blockbuster Delhi visit, Modi set to host German Chancellor Friedrich Merz in January

Union Budget 2016: Proposed benefits for pensioners

| | Feb 29, 2016, at 08:30 pm
#Arun Jaitley # Union Budget 2016 # Pro poor budget # rural budget # India economy
New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley, while presenting the Union Budget 2016 on Monday, proposed several schemes for pensioners, including withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme(NPS).
He said pension schemes offer financial protection to senior citizens.
 
In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made after April 1, 2016. 
 
Further, the annuity fund which goes to the legal heir after the death of pensioner will not be taxable in all three cases. 
 
He also proposed a monetary limit for contribution of employer in recognized Provident and Superannuation Fund of Rs. 1.5 lakh per annum for taking tax benefit. 
 
He proposed to exempt from service tax, the Annuity services provided by the National Pension Scheme (NPS) and Services provided by EPFO to employees. 
 
Also, he proposed to reduce service tax on single premium annuity (Insurance) policies from 3.5% to 1.4% of the premium paid in certain cases. 
 

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Nirmala Sitharaman presents Budget 2025
Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm