THE PFRDA HAS RAISED THE AGE LIMIT FOR INVESTING IN THE NATIONAL PENSION SYSTEM (NPS)
The Pension Fund Regulatory and Development Authority (PFRDA) board has approved raising the age limit for entering the National Pension System (NPS) from 65 to 70 years old, with no limit on the maximum investment limit as long as the sources are disclosed. This would allow taxpayers to save money on taxes by contributing to the NPS until they are 75 years old. The annual investment amount is adjustable, with the smallest amount being Rs 8,000 per year. The age range for starting an NPS account used to be 18 to 60 years old, however, it was later raised to 65 years old.
Pension programs in India are disconnected, with total contributions under various pension schemes totaling less than Rs 30 lakh crore and just 12.64 crore beneficiaries. The total amount of money held in various pension plans accounts for only 14% of India’s GDP. Except for Russia, all other countries with pension plans are far ahead of India, with the Netherlands’ pension funds amounting to 191 percent of its GDP.
THE CBIC EXTENDS SOME IMPORTANT GST DUE DATES
The government gave relief to taxpayers by reducing/waiving the late fee for non-furnishing FORM GSTR-3B for the tax periods from July 2017 to April 2021, if the returns for these tax periods are filed between 01.06.2021 and 31.08.2021. The deadline to apply for the late fee amnesty scheme has been extended from August 31, 2021, to November 30, 2021.
- Based on the numerous representations received, the government has also extended the deadlines for filing an application for revocation of cancellation of registration to September 30, 2021, where the deadline for filing an application for revocation of cancellation of registration is between March 1, 2020, and August 31, 2021.
- Only those registrations that have been canceled under clause (b) or clause (c) of sub-section (2) of section 29 of the CGST Act would be eligible for the extension.
- For the period of 27.04.2021 to 31.08.2021, corporations can file FORM GSTR-3B and FORM GSTR-1/ IFF utilizing an electronic verification code (EVC) instead of a Digital Signature Certificate (DSC). This has been extended till October 31, 2021.