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Pension Relief in Tax Code

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The original proposal in the new direct tax code which caused a lot of worries among the among people is set to undergo some welcome changes.The centre has announced new proposals Which exempt money in general Provident Fund,Public Provident Fund and Company Provident Fund, schemes run by the pension regulatory development authority and pure life insurance products.

5 Replies

U
This is good. People will be encouraged to save in such schemes for their old days.
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U
I think this exemptions are presently available by way of chapter VI deductions under Income Tax Act. So is not much change I see compared to present tax structure.
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U
Jayen- Most of the provisions contemplated in new tax code like exemptions and deductions would already be there. The new tax code only is an attempt to rewrite the tax law as the Income Tax 1961 is very old.
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U
@Jayen,

These provisions are already there but their continuance was in doubt.The proposed change removes that.
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U
Thanks for clarifying this one chinmoy. I was not aware about this confusion. :)
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Topic Author

C

chinmoymukherjee

@ceeem

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Created Wednesday, 16 June 2010 19:52
Last Updated Tuesday, 30 November -0001 00:00
Replies 0
Views 976
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