Any contribution by employers towards these social security schemes beyond Rs 7.5 lakh per annum would be treated as perquisite of the employee and taxed accordingly.
New Tax Slab: Every year, speculations on major income tax changes in Union Budget - potentially sending more money to the pockets of the common man - drive investment decisions for many individuals, say financial planners.
New Income tax Slab: Union Finance Minister Nirmala Sitharaman in her Budget 2020-2021 speech emphasized that entrepreneurship has always been the "strength of India."
Long-Term Capital Gains Tax: This tax is applicable on profits arising from sale of applicable assets held for more than one year from the date of purchase.
Union Budget 2020: Finance Minister Nirmala Sitharaman will present the first full-year Union Budget of Prime Minister Narendra Modi's government in Parliament on February 1.
NPS offers two types of accounts: Tier 1 and Tier 2. While the Tier 1 NPS account is strictly a pension account which doesn't allow withdrawals, while the Tier 2 account - known as investment account - is a voluntary saving account associated with Permanent Retirement Account Number (PRAN).
This amnesty scheme could mirror the Sabka Vishwas scheme which was targeted at customs and excise dispute resolution amnesty scheme in which the government has mopped up at least Rs 38,000 crore.
Budget 2020
