7th CPC Order, OM, Report - Collection$type=ticker$count=12$cate=0

Taxation on Transfer of amount from Provident Fund/Superannuation fund to NPS

Taxation on Transfer of amount from Provident Fund/Superannuation fund to NPS

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016

CIRCULAR

PFRDA/2017/11/PD/3

06 March 2017

To,

All Stakeholders in the National Pension System

Subject: Transfer of amount from recognised Provident Fund/Superannuation fund to National Pension System (Applicable for the individual employees)
[post_ads]

1. With a view to facilitate transfer from recognised provident funds to the National Pension System (NPS), Clause (iv) in Rule 8 of Part A of the Fourth Schedule to the Income Tax Act has been inserted through the Finance Act 2016 so as to provide exemption from taxation to one time portability from a recognised provident fund to the NPS. Further, a sub clause (v) to section 10(13) of Income Tax act has been inserted so as to provide for the exemption from tax to any payment from an approved superannuation fund by way of transfer to the account of the employee under NPS referred to in section 80CCD and notified by the Central government. With introduction of this provision in the said clause, transfer of funds of an assesse employee from his existing superannuation fund to a pension account under National Pension System (NPS), is not liable to be treated as income of such assesse for the said Assessment Year.

2. Accordingly, in case the subscriber is interested to get his recognised provident fund/superannuation fund transferred to NPS, he may follow the below mentioned process:

• The subscriber should have an active NPS Tier I account which can be opened either through the employer (where NPS is implemented) by filling up the prescribed subscriber registration form or through the Points-of-Presence(POPs) (Banks/non-banks entities registered as POPs with PFRDA) or online through eNPS on the NPS Trust website www.npstrust.org.in

• The subscriber presently under Govt./Private Sector employment is required to approach the recognised provident fund/Superannuation Fund Trust through the current employer by giving request for transfer of his recognised provident fund / superannuation fund to his NPS account.

The recognised Provident fund Trust may initiate transfer of the Fund as per the provisions of the Trust Deed read with the provisions of the Income Tax Act, 1961

The Recognised provident fund/Superannuation Fund may issue the cheque/draft in the name of:

In Case of Govt .employee: Nodal Office Name (PAO or CDDO Name)<> Employee Name<>PRAN (12 Digital No.)

In case of Subscriber presently under private Sector including All Citizen Model: POP (Name of the POP) Collection Account-NPS Trust<>Subscriber Name<>PRAN (12 Digit No.)

In case of Government Employee, the employee should request the recognised provident fund/superannuation Fund to issue a letter to his present employer mentioning that the amount is being transferred from the recognised provident fund/ superannuation fund to be credited in the NPS Tier I account of the employee

The present employer/POP i.e.nodal office shall while uploading the fund may mention the transfer from recognised provident fund/superannuation fund in the remarks column while uploading it through Arrears mode. The upload may be made as per the request letter of the ex-employer.

In case of private Sector employee including subscriber covered under All Citizen model,the employee should request the recognised provident fund/superannuation Fund to issue a letter to his present employee/POP as the case may be mentioning that amount is being transferred from the recognised provident fund/superannuation fund to be credited in the NPS account of the employee/individual Tier I account.

The POP will get the amount collected and the same may be uploaded by the POP in the NPS account of the subscriber.

3. It may be noted that as per the provisions of the Income Tax Act,1961 the amount so transferred from recognised provident fund/superannuation Fund to NPS is not treated as income of the current year and hence not taxable. Further, the transferred recognized provident fund/superannuation fund will not be treated as contribution of the current year by employee/employer and accordingly the subscriber would not make It claim of contribution for this transferred amount.

4. For further clarification,if any , the person may like to contact the undersigned on email akhilesh.kumar @pfrda.org.in , Telephone No.011-26543158.

Yours faithfully
sd/-
(Akhilesh Kumar)
Deputy General Manager
[post_ads_2]

Source: [PFRDA Order Click to download ##download##]

COMMENTS

BLOGGER
Name

100 percent da,19,10th Bipartite Settlement,52,6 CPC Order,8,7th CPC Bunching of Stages,14,7th CPC Charter of Demands,93,7th cpc interim report,13,7th CPC Meeting,149,7th CPC Notification,202,7th CPC Projected Pay,191,7th CPC Questionnaire,16,7th CPC Recommendation,599,7th CPC Report,129,7th CPC Terms of Reference,41,Aadhar,8,Absorption,40,Ad-hoc Bonus,25,Additional Allowance,4,Additional Pension,5,Administrative Reforms,17,Advance Increment,4,Adventure Sports,9,Age Relaxation,16,AGIF,5,AIIMS,12,Air Travel,61,AIRF memorandum to 7th CPC,4,Airport Employees,7,All India Service,74,Allowances,381,Alteration of Date of Birth,6,Annual Allowance,1,Antarctica Allowance,1,Anubhav,14,APAR,39,Area Welfare Officer,5,Armed Forces Tribunal,18,Army Welfare Fund,7,Artisan Staff,11,Ashok Kumar Mathur,9,Atal Pension Yojna,11,Autonomous Bodies,65,awards,13,Bank,175,Bariatric Surgery,2,Benevolent Fund,3,bhavishya,12,Bhutan Compensatory Allowance,7,Bio-metric Attendance,37,Bonus,130,Bonus Order 2014,9,Bonus Order 2015,13,Bonus Order 2016,7,Bonus Order 2017,10,Breakdown Allowance,1,BRO,16,BSNL,76,BSNL IDA Pensioner,22,BSNLMRS,3,Budget 2014,12,budget 2015,22,Budget 2016,1,Budget 2017,22,Budget 2017-18,6,cadre management,18,Cadre Restructuring,170,Cancer Treatment,8,Cantonment Board Employees,3,Cash Handling Allowance,5,cashless treatment,14,Casual Leave,4,CAT jurisdiction,1,CAT Order,63,CBDT Order,28,CBEC,13,CBEC CR,9,CBSE,22,CCS (CCA) Rules,55,CCS (Conduct) Rules,50,CCS (Joining Time) Rules,6,CCS (Leave) Rules,45,CCS (RP) Rules 2008,36,CCS (RP) Rules 2016,76,CEA,35,CEA Form,5,Central Administrative Tribunal,2,Central Government Employee Calendar,25,central government employee news,39,Central Pension Accounting Office,108,Central Secretariat Service,5,Central Universities,27,CG Counsel,1,cgda,113,CGEGIS,19,CGEGIS TABLE,12,CGEWHO,65,CGEWHO Noida,18,Cghs,381,CGHS Agartala,1,CGHS AHMEDABAD,5,CGHS AIZAWl,1,CGHS ALLAHABAD,4,cghs BENGALURU,3,cghs bhopal,5,CGHS BHUBANESWAR,2,CGHS CHANDIGARH,5,cghs CHENNAI,2,CGHS Clarification,64,cghs dehradun,3,Cghs Delhi,67,cghs empanelment,131,Cghs Gangtok,1,CGHS GUWAHATI,4,CGHS HOSPITAL LIST,29,CGHS HYDERABAD,5,Cghs Imphal,1,cghs jabalpur,3,cghs jaipur,6,cghs kanpur,3,Cghs Kohima,1,cghs kolkata,3,cghs lucknow,2,CGHS MEERUT,4,cghs mumbai,4,cghs nagpur,2,cghs patna,2,CGHS plastic cards,10,cghs pune,1,cghs ranchi,2,cghs rates,44,cghs trivendrum,3,CGWB,3,Child Care Leave,31,Children Education Allowance,34,CIP(IW),1,Citizen Charter,2,Civil Accounts Organisation,43,Civil Services Examination,17,cleanliness pledge,2,cmss,1,Coal Pilot Allowance,3,Collection of Order,1,Commercial Duty Allowance,3,Commercial Employment after Retirement,10,Commutation of Pension,31,commuted Leave,6,Compassionate Allowance,2,compassionate appointment,62,Compensatory allowance,3,Compensatory Leave,3,Composition of 7th CPC,9,Compulsory Retirement,15,computer advance,4,computer help,7,Concordance Tables,11,Condiment Allowance,1,Confederation 7th cpc memorandum,4,confirmation,3,Constant Attendant Allowance,15,Consumer Price Index,4,Contingent Employee,11,Contract Labour,105,Conveyance Allowance,3,Court Order,80,CPAY,1,CPF Pensioner,23,CPGRAMS,9,CPMA,4,CPMF,96,CPSE,123,cpse ida,41,CS(MA) Rules,64,cscs,10,CSD,38,CSS,37,CSSS,13,cvc,58,Cycle Maintenance Allowance,5,DA from 01-07-2011,3,DA from Jan 2012,5,DA from Jan 2013,16,DA from Jan 2014,22,DA from Jan 2015,16,da from Jan 2016,10,DA from Jan 2017,7,DA from Jan 2018,2,da from Jul 2012,13,DA from Jul 2013,16,da from jul 2014,11,DA from Jul 2015,9,DA from Jul 2016,14,DA from Jul 2017,10,Daily Allowance,14,Daily Officiating Allowance,1,Damage Rate,1,DAPWA,1,Data Entry Operator,5,Database of Employees,2,date of next increment,45,DCMAF,4,DCRG,6,Dearness Allowance,148,Dearness Pay,3,Dearness Relief,83,Debt Recovery Tribunals,2,Defence Civilian Employees,103,Defence personnel,542,Dental Clinics,2,Department Canteen,19,Deputation,58,Desk Allowance,1,dgqa,1,Dictionary,3,Digital Signature Certificates,1,Direct Tax Code,2,Directorate of Estates,77,Disability Pension,61,Disciplinary Authority,24,DIT,9,Divorced Daughter,4,DNI falls Feb-Jun,8,doppw,4,DOPT,40,DoPT Order,370,Double HRA,7,Double Tpt Allowance,1,dpc,22,Draftsmen,4,DRDO,6,Dress Allowances,7,Dry Cell Allowance,1,e-awas,6,e-filing,28,E-Governance,13,e-IPO,1,E-office,12,e-payment,24,E-Revision,16,e-samarth,2,Earned Leave,8,ECHS,82,ECI,1,EDLI 1995,4,edp allowance,1,EDP Cadre,8,Education,85,Ekta Diwas,2,Election,22,Eligibility of Teacher,14,email Policy,1,emergency treatment,7,Empanelment under CSMA Rules,21,Employee Pension Scheme,19,Employees Deposit Linked Scheme,1,Engineering Cadre,20,eNPS,6,Entertainment Allowance,1,Entry Pay on Promotion,25,EOL,1,EPFO,122,EPFS 1952,50,ERS,3,ESIC,25,eTDS return,15,EVC,5,ex-gratia,33,Ex-India Leave,4,Ex-Indian Coast Guards,1,EX-SERVICEMAN,599,Excel Tips,5,Exemption from Return Filing,11,Expected DA,73,Extension in Service,3,Extra Ordinary Leave,1,Extra Work Allowance,2,extraordinary pension,26,Facilitation Fee,1,Family Pension,215,Family Planning Allowance,8,FAQ,71,Festival Offer,9,Fin Min Order,115,Finance Act 2013,1,Financial year 2012-13,2,Firefighting Staff,1,Fitment Formula,58,fixed medical allowance,44,Flexible Complementing Scheme,2,Flying Training,2,Foreign Allowance,2,Foreign Visit,9,form 14,1,Form 16,3,Form 16A,2,Form 25,3,Form 26AS,2,Forms,61,Forwarding of Application,2,FR 15(a),2,FR 22,3,FR 26,1,FR 29,1,FR 35,1,FR 46B,1,FR 49,1,FR 56,18,Freedom Fighter Pension,20,Fundamental Rules,3,Gallantry Award,3,GAMS,1,Gandhi Jayanti,10,GAR-23,1,GDS,62,General Pool,61,Geological Survey of India,4,GFR,31,Government Holiday Calendar,40,Govt accommodation,111,Govt Tour,46,gpf,49,Grade pay of SO,51,Grameen Bank,2,Grant-in-aid,1,Gratuity,34,Gratuity Limit for Income Tax,3,greetings,4,group A,101,Group D,64,Guest House,15,Hard Area Allowance,11,Hard Station,2,Headquarter Allowance,2,health insurance scheme,17,hearing aid,3,Hierarchy,42,High Court Order,57,Higher Education,33,Hill Area Allowance,2,Hindi Incentive,5,Holiday Homes,37,Holiday Overtime,1,Honorarium,22,Hospitality,1,Hostel Facility in Universities,1,Hota Committee,1,House Rent Allowance,32,Housing Loan,7,HRA,35,IBA,27,Immovable Property Return,59,Implementation of 7th CPC,933,incentive for higher qualifications,3,Incentive for NER,4,Incentive to Sportsperson,13,Income Tax Exemption Limit,108,INCOME TAX,274,Income tax calculation,16,Indemnity Bond,1,Independence Day,2,India Water Week,1,INDU,4,Industrial Trades,18,Injury Leave,1,Inquiry Officer,13,insurance scheme,10,Intelligence Agencies,3,Interest of EPF,23,Interest of GPF,15,interest rate,26,Interim Relief,60,Internet facility to officer,1,Internship,3,Invalid Pension,3,Investment,2,IPv6,2,IRCTC,39,IRTSA,27,Island Special Duty Allowance,1,IT Cadre Restructuring,24,IT Return,50,Jawahar Navodaya Vidyalaya,12,JCM,350,Jeevan Pramaan,44,Joining Time,6,Kashmir Valley Special Concession,6,KBC,2,kendriya bhandar,2,Kendriya Vidyalaya Sangathan,170,Kilometreage Allowance,2,Kisan Vikas Patra,4,KV Admission Guidelines,21,KV Uniform,7,KYC,1,Lab Technician,14,Labour Bureau,8,Labour Laws,18,lactating mother allowance,1,LARGESS,4,Launch Campaign Allowance,1,LDC-UDC,79,LDCE/GDCE,29,Leave Encashment,15,leave management system,2,Legal Fee,1,Librarian,2,LIC,1,Licence Fee,12,Lien,3,Life Certificate,54,List of Holidays for year 2012,2,List of Holidays for year 2013,8,List of Holidays for year 2014,10,List of Holidays for year 2015,17,List of Holidays for year 2016,11,List of Holidays for year 2017,3,List of Holidays for year 2018,2,List of Posts,10,Liver Transplant Surgery,1,Liveries,1,loan advances,33,Loans and advances by Central Government,3,lodge complaints,2,Lok Sabha QA,42,lokpal,60,LTC,114,ltc to AN,8,LTC to JK,29,ltc to NE,22,LTC-80 Fare,20,MACP,184,Major Penalty,12,Married Accommodation Project,2,Maternity Leave,7,Medical Charges Reimbursement Bill Form,16,medical decategorization,2,Medical Examination of Group A Officers,4,Medical Professional,51,Memorandum to 7th cpc,82,merger of da,127,merger of grade pay,31,merger of post,13,Min HIPE,1,minimum wages,107,Ministerial Staff,34,Minor Penalty,7,Minority Community,1,Missing Family Member,6,Model School Organization,1,modified parity in pension,42,MOHALI HOUSING COLONY,3,Movable Property Return,50,MTNL,10,Multi Tasking Staff,20,NAC,107,national council meeting,14,National Holiday Allowance,5,National Level Monitors,1,National Mascot Design,1,National Pension System,103,NC JCM Memorandum to 7th CPC,31,NCH,1,NDG ESM Pensioner,1,new pension scheme,209,New Pension System,34,News,143,NFIR,3,NFSG,18,Night Duty Allowance,22,Nivaran,1,NLM,1,No Demand Certificate,1,Nomination Forms,5,Non-functional Upgradation,18,Notice for Pensioners,38,Notional Fixation,20,NPA,18,NSC,6,NSSF,3,Nursing Allowance,13,Nursing Institutions,6,Nursing Staff,7,nutritious dietary allowance,2,obc,34,office procedure,10,office space,5,Office Timing,45,Official Directory,1,Official Language Cadre,5,Official Secret Act,1,Officiating Pay,3,One Rank One Pension,361,Online Survey,1,Operation Theatre Allowance,1,ordnance factory,85,OROP Order,35,OTA,21,Outsourcing,7,Overpayment,7,PAC Recommendation,1,PAINTING,2,PAN,16,Paramilitary Allowance,3,Parangat,2,Parliament Assistant,1,Passport,18,Paternity Leave,3,Patient Care Allowance,12,pay,8,Pay Anomaly,63,Pay Fixation,217,Payroll,7,PCDA Order,90,PCO Allowance,1,Pension,649,Pension Adalat,21,Pension Disbursement,71,Pension Form,7,Pension Revision,276,Pensioner Grievances,63,Pensioner I-Card,12,Pensioner Portal,136,Pensioners associations,130,pensioners retired prior to 1.1.2006,157,Penury Grant,2,Permanently disabled children,18,person with disability,80,Personal Pay,4,Personal Staff to Minister,5,PF Scheme,3,PFRDA Bill 2011,22,pgportal,2,pharmacist,2,Physical Training Instructor,1,PIB,4,Piece work calculation,3,Piece work incentive,5,Piece Work Profit,2,Piece Work Rates,3,Piece Work System,3,PLB,40,Pledge,7,PLR Scheme,1,Post Graduate Allowance,2,post office,172,PPF,15,PPF Scheme,9,PPO,60,Pragati,5,Pre-1996,5,Pre-2006,55,Pre-2016 Pensioners,92,pre-retirement counselling,19,Presenting Officer,1,Principal CAT,2,PRIS,21,probation,9,Professional Update Allowance,1,Project Dantak Bhutan,3,Promotions,152,Provisional Pension,7,public grievances,7,Public Provident Fund,8,punctuality,1,Qualification Pay,4,qualifying service,36,Railway Concession Form,3,Railway Servants (Pass) Rules,17,Railways,837,Railways Training Centre,6,Rajbhasha,35,Rajya Sabha QA,38,Rank Pay,22,Ration Money Allowance,6,RBI Circular,16,Re-employed ex-serviceman,53,Receipt Payment Rules,15,Recovery,12,Recruitment,169,Recruitment rules,165,Refreshment Rates,1,RELHS,8,Rent Free Accommodation Allowance,1,Reply to 7th CPC,12,requisition to SSC,3,reservation,133,Reservist Pension,1,residency period,4,Resignation,7,Rest Allowance,1,Retired Employee,48,Retired officers as Consultant,20,Retirement Adviser,1,retirement age,83,Retirement Road Map,61,review of records,2,revised pay rules,68,Right to Information Act 2012,4,Right to Information Act 2017,2,Right to Public Service Act,1,Risk Allowance,20,roster,2,Rotational Transfer Policy,13,Rounding Off,2,RTI,69,RTI Call Centre,4,rti online certificate course,2,Rule 10,1,Rule 16(3),1,running staff,30,Safai Karamcharies,1,Sainik School,2,Salary Disbursement,26,Sankalp,27,Sanskriti Schools,3,SAS Examination,7,Saving Bank Allowance,2,sc,24,scholarship Scheme,4,Schools,8,Scientific and Technical Posts,12,Scouts-Guides,2,SCOVA,63,Secretarial Assistance,1,Security Allowance,1,Self attestation,7,Self-certification,7,Senior Citizens,22,Seniority,17,Sensitive Posts,2,Service Book,14,Service Verification,6,Seventh Pay Commission,1757,Seventh Pay Commission Report,297,Sexual Harassment,26,Shramev Jayate,1,shunting duty allowance,2,Siachen Allowance,1,Sitting Fee Allowance,2,small saving scheme,46,social Media,18,Space Technology Allowance,1,Sparrow,4,Special Allowance,11,Special allowance for Child Care,1,Special Allowance for Safety Officer,1,Special Casual Leave,7,Special Disturbance Allowance,1,Special Duty Allowance,6,Special LC Gate Allowance,1,Special Pension,1,Special Train Controller Allowance,3,Split Duty Allowance,1,sports-person,37,SSC,11,st,20,Staff Benefit Fund,5,Staff Car Driver,6,Staff Selection Commission,1,Stagnation,6,State Govt Employees,2,Station Leave Permission,4,Stenographer,1,Stents,2,Stepping up of Pay,37,Stiching Charges,4,Stipend,10,Storekeeping Staff,2,Strike,230,Study Leave,7,Substitute Employee,1,summer vacation,2,Sumptuary Allowance,5,Superannuation,7,surplus employee,3,suspension,11,Swantah Sukhaya,2,Swavalamban,33,TA Rules,5,Tatkal Tickets,27,tax,2,Tax Free Bonds,1,TDS,37,TDS Rates,11,technical resignation,6,telephone facility,1,temporary employee,6,Tenure Allowance,2,Terms and condition,1,Toll Free Number,1,Tough Location Allowance,5,Touring Officer Hostel,14,Trade Apprentices,11,train,123,Training Allowance,8,training policy,40,Transfer Policy,72,Transport Allowance,29,Travelling Allowance,58,tribal area allowance,4,Trip Allowance,2,Uniform Allowance,6,Unit Run Canteen,25,Upgradation of Post,53,UPSC,20,vacancies,29,Veteran Commission,2,Veterinary Posts,1,Vigilance Clearance,11,Voluntary Retirement,23,Wages,14,Washing Allowance,11,whistle-blowers,7,Widowed Daughter,4,Women Employees,49,Yoga,7,Youth Hostel,3,Zila Saink Board,6,वेतन आयोग,184,
ltr
item
Central Government Employee News and Tools: Taxation on Transfer of amount from Provident Fund/Superannuation fund to NPS
Taxation on Transfer of amount from Provident Fund/Superannuation fund to NPS
Transfer of amount from recognised Provident Fund/Superannuation fund to National Pension System (Applicable for the individual employees): PFRDA Circular No. PFRDA/2017/11/PD/3 dated 06 March 2017.
Central Government Employee News and Tools
http://www.staffnews.in/2017/03/taxation-on-transfer-of-amount-from.html
http://www.staffnews.in/
http://www.staffnews.in/
http://www.staffnews.in/2017/03/taxation-on-transfer-of-amount-from.html
true
3718188640253144573
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy