Interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) on Thursday introduced a new scheme, NSP Lite, for the poor. The scheme aims at building a corpus sufficient enough to buy an annuity for their old age. The government's 'Swavalamban Scheme', which grants an incentive of Rs 1,000 to all eligible New Pension System (NPS) accounts shall be available to all NPS Lite account holders as well, if they meet the prescribed criteria, said PFRDA.
DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years. The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
