I joined eNPS on 31-03-2018 after attaining age of sixty. I have withdrawn from eNPS on 03-07-2023,after maintaining it for more than three years. At the time of exit, I received 4.02 lakh againt my invest of 3.0 lakh. I received back 100 % of my balance as total balance was less than Rs 5.0 Lakhs. Is there any tax liability on exit in my case. If yes, how to calculate the tax?
Rajkumarji… Your attention is invited to Section 10(12A) of the Income-tax Act, which exempts 60% of the amount received out NPS on closure of the Account.
I joined eNPS on 31-03-2018 after attaining age of sixty. I have withdrawn from eNPS on 03-07-2023,after maintaining it for more than three years. At the time of exit, I received 4.02 lakh againt my invest of 3.0 lakh. I received back 100 % of my balance as total balance was less than Rs 5.0 Lakhs.
Is there any tax liability on exit in my case. If yes, how to calculate the tax?
Rajkumarji… Your attention is invited to Section 10(12A) of the Income-tax Act, which exempts 60% of the amount received out NPS on closure of the Account.