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Point to note: The entire amount withdrawn will not be tax free. Though there is no reference to this in the tax laws, one can reasonably assume that 60% of the withdrawn amount will be tax free while the balance 40% will be taxed at the normal rate.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 Section 80CCD(2) NPS Tax Benefits 2026
https://enps.nsdl.com/eNPS/NationalPensionSystem.html
NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- Section 80CCD(2) NPS Tax Benefits 2026
➤ 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. Section 80CCD(2) NPS Tax Benefits 2026
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)
Digital Transformation: Contact Finsys Experts Today
Indeed, manual data entry in the accounts department is one of the biggest bottlenecks in manufacturing today. Recently, the Finsys development team introduced a “Game-Changer” solution. Specifically, we have enabled the creation of a Purchase Voucher by scanning a QR code. This technology bridge between the store and accounts ensures that hours of bill booking are reduced to mere seconds.
Initially, when materials arrive at the factory gate, the store team generates an MRR (Material Receipt Report) or SRB (Store Receipt Bill) slip. Notably, Finsys ERP automatically prints a unique QR code on this document.
The Accounts Workflow is now simplified:
Select Voucher Type: The accountant opens the purchase voucher screen in Finsys ERP.
Scan to Populate: Instead of typing item codes or quantities, the user simply scans the QR code from the store slip.
Instant Data Entry: As a result, the system pulls all relevant data including the Purchase Order (PO) number, item rates, approved quantities, and applicable GST.
Admittedly, manual entry often leads to mismatches between the PO rate and the final bill. Fortunately, with QR-based automation, the system ensures 100% data integrity.
The system automatically verifies the following:
PO Values: It cross-references the agreed rate in the Purchase Order.
Quantity Pass: Only the quantities approved by the Quality Control (QC) team are pulled into the voucher.
Tax Calculations: It ensures the correct GST application based on the HSN code and vendor location.
Ultimately, this “One-Click” voucher creation is about more than just speed. Furthermore, it allows your senior accountants to focus on financial analysis rather than clerical data entry.
Key Advantages include:
Massive Speed Gains: Turn “Hours into Minutes” for high-volume bill booking.
Digital Audit Trail: Every voucher is linked directly to the store receipt and PO, providing a perfect audit trail.
Real-Time Payables: Management can see accurate vendor payables and stock values instantly.
To conclude, Finsys ERP continues to revolutionize the manufacturing sector by integrating physical movements with digital accounting. By adopting QR and Barcode scanners for accounts, you ensure that your financial data is as agile as your production line.
Watch the Live Demonstration: Accounts Voucher QR/Barcode System
Official Website: Finsys Infotech Pvt Ltd
Watch More ERP Innovations: Finsys YouTube Channel
Get a Demo: Contact our Sales Team Today
Indeed, the plastic manufacturing sector in South India is embracing a new era of digitalization. Recently, Finsys ERP was awarded a significant contract to implement its specialized manufacturing software at a leading Blow Moulding plant in Karnataka.
Initially, this partnership marks a strategic step for the Karnataka-based company to streamline its high-volume production using the robust, Oracle-based Finsys platform.
Admittedly, the blow moulding process is unique. It is specifically designed to manufacture high-volume, one-piece hollow objects like bottles and containers with uniform, thin walls. Consequently, managing the complexities of this process requires an ERP that understands the “Shop Floor First” logic.
How Finsys ERP Powers Blow Moulding Efficiency:
Shot Weight & Parison Control: The cost to produce a blow-moulded product is based on the weight of the plastic shot used. Finsys tracks this at a granular level.
Machine-Wise OEE: Monitor machine performance and down-time reasons specifically for blow moulding cycles.
Regrind & Scrap Tracking: Efficiently manage polymer scrap and “lumps” to ensure zero material leakage.
Tooling & Mould Lifecycle: Track the life of your moulds to ensure preventive maintenance before quality dips.
Furthermore, it is important for academic and industrial learners to note the distinct advantages of this manufacturing method:
Lower Production Costs: Blow moulding costs are typically lower than injection moulding.
Economical Machinery: Initial capital expenditure on blow moulding machinery is often more accessible.
Complex Shapes: The “one-piece construction” eliminates the need for connecting part halves, allowing for shapes that injection moulding simply cannot achieve.
Ultimately, Finsys ERP has been a trusted partner for the plastic and engineering sectors since 1992. Notably, with over 900 successful installations, our software is tailored to manage everything from Purchase and Planning (MRP) to Quality Control and GST-compliant Accounting.
By choosing Finsys, our new Karnataka-based partner will benefit from:
Ready-to-Use Vertical Solutions: No need for expensive, time-consuming customizations.
Mobile Connectivity: Access production reports and approve POs directly from Android and iOS devices.
Batch-wise Traceability: Full “Gate-to-Gate” tracking of raw materials to finished products.
To conclude, we congratulate our team and our new partner in Karnataka. Indeed, this project reinforces Finsys’s position as a leader in specialized ERP software for the plastic industry. Together, we are making “Made in India” more systematic and globally competitive.
Stay Connected for More Industry Insights:
Official Website: Finsys Infotech Pvt Ltd
Watch Success Stories: Finsys ERP YouTube Channel
to Download the powerpoint presentation, shown in this video, please go to our Google Drive , link below
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