08 July 2009
Hi, You can see this link to know about the new pension scheme. http://www.business-standard.com/india/news/everything-you-want-to-know-aboutnew-pension-scheme/356860/
In Budget the contributions to new pension scheme are provided an exemption from Taxes.
11 July 2009
Previously E-E-E was there.....E- contribution by you to PF ,2nd E - Interest received before retiement, 3rd E - Amount + interest recievd after retirement also exempted.
there were some case laws are there which allows deduction to indls under 89(1) as well as 10(10C).....
so budget dont want to get doulble benifit....so now they made it as E-E-T (Exempt-exempt - Tax) So what ever amount you are receiving after retirement will be taxable....tat is what FA 2009 proposed.
CAclubindia
