NEW PENSION SCHEME

Union Government has introduced new pension scheme in 2003. According to this scheme employees appointed on or after January 1, 2004 and in state employees on or after November 1, 2005 will contribute 10% of their revised pay and dearness allowance to the Pension Fund Regulatory and Development Authority under Ministry of Finance.

An equal amount will be contributed by the centre. This scheme is mandatory for government employees and optional for others.

A new section 36(1)(iva ) was inserted in The Finance Act from assessment year 2012-13. According to this section, an assesse will get a deduction in respect […] Read more