GN Bureau | December 21, 2015
Attempts by the pension fund regulatory and development authority (PFRDA) to bring employees of public sector undertakings under the National Pension System (NPS) has hit a “tax hurdle”.
There is no tangible movement in this direction, as any such migration could lead to levy of income tax on the employee, Hemant Contractor, Chairman, PFRDA has said.
Contractor said the PFRDA is in talks with the government to sort out the tax issue so that PSU employees can also opt for the NPS. The NPS is a defined contribution scheme that became operational from January 1, 2004, wherein the final corpus depends upon the contribution made by the subscribers and the investment returns.
From January 1, 2004, NPS was applicable to all new Central Government employees, except the Armed Forces. With effect from May 1, 2009, NPS was made available to all Indian citizens on voluntary basis. In December 2011, the PFRDA introduced a corporate sector model to provide NPS to employees of corporate entities of private and public sector enterprises. However, public sector employees have not boarded the NPS train due to several reasons, the main one being tax.
The dazzling diamond trade has been hit hard by the Nirav Modi episode, which saw the billionaire jeweller flee India just before a massive fraud amounting to Rs 11,000 crore was detected at a Punjab National Bank branch in Mumbai. But, Nirav Modi is not the only diamond tycoon who has been
PM Narendra Modi on Sunday laid the foundation stone for Rs 16,700 crore Navi Mumbai International Airport. The first phase of the construction is expected to be completed by December 2019. The project is going to be implemented 21 years after it was first proposed. The airport is likely to handle 10 milli
Health groups have expressed their disappointment with a February 12 order of the supreme court, refusing to review or recall an earlier order disposing off a case against the mala fide suspension of the vaccine public sector units (PSUs) and government’s tendency to pamper private sector with public
The Punjab National Bank`s fraudulent transactions worth Rs 11,300 crore should act as a strong trigger for the government for reducing its stake to less than 50 percent in the banks which should then be allowed to work on the lines of private sector lenders with a full sense of accountability to their sha
Budget 2018, forecast to be a “please all” budget, has come out as a “disappoint all” budget. The public is looking askance at a budget that gives with one hand but takes away with both, the Sensex has gone into a tailspin and the pink papers are issuing dire warnings.
Should public sector banks be privatised?