You run a private sector company. + Your staff does not get any pension, after they retire…..
💐
Many Clients of Finsys have already started this Innovative Scheme of Govt of India, and getting good tax benefits for self and other staff.
One can save tax in three ways via NPS. First, NPS investments are eligible for deduction under Section 80C. ( LIC, School Fee, Housing Loan instalment etc)
If one has already exhausted the Rs 1.5 lakh ceiling under Section 80C, one can claim an additional deduction of up to Rs 50,000 under Section 80CCD(1b). Lastly, up to 10% of the basic salary put in the NPS can be claimed as deduction under Section 80CCD(2).
Even, those very close to retirement, can claim more tax benefits if their company offers the NPS benefit. Under Section 80CCD(2), up to 10% of the basic salary put in the NPS by the company on behalf of the employee is tax free.
Point to note: The entire amount withdrawn will not be tax free. Though there is no reference to this in the tax laws, one can reasonably assume that 60% of the withdrawn amount will be tax free while the balance 40% will be taxed at the normal rate.
This is actually an intelligent, simple and user friendly deferment of tax
Note : By that time the tax exemption limits might have reached Rs 20 lakh or maybe Rs 30 lakhs…. and all your NPS pension money might be tax free after all
https://enps.nsdl.com/eNPS/NationalPensionSystem.html
NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:-
➤ Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) by All Indian Citizens (including NRIs) between 18 – 70 years
➤ Making initial and subsequent contribution to your Tier I as well as Tier II account
For Account opening, you need to:
✔ Have Mobile number, email ID and an active Bank account with net Banking facility enabled
✔ In case, an applicant selects to open the individual pension account with PAN, the activation of
the PRAN is subject to KYC verification by the empanelled POP (name and address should
match with POP record) selected by applicant during the registration process.
To view the list of empanelled POP, Click Here
✔ Fill up all the mandatory details online
✔ Click Here for guidelines on filling details if Applicant residence for tax purposes in jurisdiction (s)
outside India
✔ Scan and upload your photograph (optional for Aadhaar) and signature
✔ Make online payment (Minimum amount of ₹ 500)
✔ Subscriber will have an option to authenticate form through OTP Authentication or eSign process
Some Extracts from the Sites of some banks offering the same : ( MLG has no allegiance with any of them )
UBI Website link :
https://www.unionbankofindia.co.in/english/nationalpensionsystem
|
https://www.hdfcbank.com/personal/invest/nps-national-pension-system
National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. PFRDA (Pension Fund Regulatory and Development Authority) is the governing body for NPS.
National Pension System (NPS) is based on unique Permanent Retirement Account Number (PRAN) which is allotted to every subscriber. In order to encourage savings, the Government of India has made the scheme reassuring from security point of view and has offered some attractive benefits for. NPS account holders.
An NPS Account offers the following benefits:
| Tax benefits for Salaried Individual | Tax Benefits for Self Employed Individual |
| You can claim tax exemption upto Rs. 50,000 under section 80CCD (1B). This benefit is over an above limit of Rs. 1,50,000 under section 80C. | You can claim tax exemption upto Rs. 50,000 under section 80CCD (1B). This benefit is over an above limit of Rs. 1,50,000 under section 80C. |
| You may invest upto 10% of your basic salary + dearness allowance and claim tax exemption on the invested amount under section 80CCD(1). This tax exemption is subject to a limit of Rs. 1,50,000 under section 80C of Income Tax Act, 1961. | You may invest upto 20% of your gross annual income and claim tax exemption on the invested amount under section 80CCD(1). This tax exemption is subject to a limit of Rs. 1,50,000 under section 80C of Income Tax Act, 1961. |
*Employer contribution benefit is capped upto 7.5 lakhs for NPS, PF & Superannuation
https://sbi.co.in/web/personal-banking/investments-deposits/govt-schemes/nps
National Pension System (NPS) is a defined contribution pension system introduced by the Government of India as a part of Pension Sector reforms, with an objective to provide social security to all citizens of India. It is administered and regulated by PFRDA.
This is one of the rare Deductions that is available in the “New Regime of Income tax also“…
Employer Share can get Income tax deduction u/s 80CCD(2)
Leading Companies like DLJM are actually using these facilities, every dayPlastic Moulding company – Awards order to Finsys
Today Finsys was awarded a Contract for ERP Software for a leading Plastic Moulding company in Karnataka.
Congratulations. Finsys.
Just for knowledge for academics
The blow molding process is designed to manufacture high volume, one-piece hollow objects. If you need to make lots of bottles, this is the process for you. Blow molding creates very uniformly, thin-walled containers. And, it can do so very economically.
Blow molding offers several distinct advantages including:
With blow molding, a plastic tube is heated and filled with air until it essentially becomes a balloon of hot plastic called a “parison.” A mold is then clamped around this, trapping the plastic while air continues to fill the parison into the shape of your part. The size of the machine and associated costs to produce a blow molded product is based on the weight of the plastic shot used in the mold.
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