New pension scheme

My query is regarding new pension scheme introduced under section 80 CCD of the Income tax Act Act 1961.I want to know the consequences if the person doesnt claim deduction on new pension scheme amount at the time of contribution.then will the proceeds received on maturity will it be taxable or not?
Replies (11)

Shall be taxable, as mentioned specificlly in the section.

But the section specifically says that if the person has claimed deduction ,then the proceeds are chargeable to tax.The proceeds are exempt if and only if it is invested in purchasing the annuity.I want to know what will be the consequences when deduction is not claimed by the person.

Proceeds receiced on maturity shall be taxable because this is based on EXEMP EXEMPT TAXABLE (EET) Mechanism.

Yes but wat is the treatment if the deduction is not claimed by assessee on amount contributed in NPS scheme.

 

Shall be taxable and if you are not declared in return then you have to prove before Assessing officer that you have not claimed contribution as deduction u/s 80c.

But section specifically says that it would be taxable on maturity only when deduction is claimed under section 80 CCD.So if deduction is not claimed how will it be taxable?  If you still say that it will be taxable please tell me the section which implies that if deduction not claimed then also the proceeds are taxable.

I mentioned earlier that if are not claiming deduction then we have to proof it before AO if there is scruitny assesment raise.

But in my case there is no scrutiny assessment raised..What is the treatment in case of normal circumstances?

no special treatment, you have only to proove after asking about it.

Okay Thanku so much..:))

Okay..Thanku so much:)

 

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