Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings
Tax exemptions for NPS
Retirement tax in the case of National Pension Scheme (NPS) has been proposed to be exempted by 40%. The contributions made after April 1st, 2016 will enjoy this tax exemptions. Also, the service tax on Single premium Annuity (Insurance) Policies will be reduced from 3.5% to 1.4% of the premium paid in certain cases. (Hurray! Long live the Finance Minister, eh?)
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