As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA has issued necessary instructions to CRA for
implementation of the withdrawal process under National Pension System (NPS)
for all sectors viz., Government Employees, All Citizen model and Swavalamban
scheme. The said information is being re-iterated hereunder for the information
of all stakeholders for a better appreciation of the matter.
The following are the details for the withdrawals allowed in
case of Government Employees subscribers:
a) Upon Normal Superannuation: At least 40% of the
accumulated pension wealth of the subscriber needs to be utilized for purchase
of annuity providing for monthly pension to the subscriber and balance is paid
as lump sum payment to the subscriber.
b) Upon Death: The entire accumulated pension wealth (100%)
would be paid to the nominee/legal heir of the subscriber and there would not
be any purchase of annuity/monthly pension.
c) Exit from NPS before the age of Normal superannuation
(irrespective of cause): At least 80% of the accumulated pension wealth of the
subscriber needs to be utilized for purchase of annuity providing for monthly
pension to the subscriber and the
balance is paid as a lump sum payment to the subscriber.
The subscribers would be able to purchase the annuities
directly from the empanelled Annuity Service Providers as per their choice of
annuity that is available in the market/with the Annuity Service
Provider’s(ASP’s) empanelled by PFRDA.
Source: www.pfrda.org.in
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