Taxexcel: TDS on Salary for F.Y.2016-17

Download Income Tax All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2016-17 & Assessment Year 2017-18 [ This Excel Utility can prepare at a time your Individual Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure + Automated Arrears Relief Calculator with Form 10E up to F.Y.2016-17 + Automatic H.R.A. Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B as per the amended by the Finance Budget 2016-17]

You can open a National Pension System (NPS) account online within 30 minutes. . The eNPS facility has made the NPS registration and contribution a very easy affair. Through the eNPS, the subscription to NPS has become easier than opening a bank account.

One can contribute to the NPS account regularly. The accumulated amount along with the interest would be given after the age of 60. The NPS gives you an option to invest your money into the share market and bond market. The fund of NPS is managed by the different fund managers. The fund management charge for such scheme is lowest among all the saving scheme

Benefits of NPS

· It is the best pension scheme for those who would not get any pension after the retirement.

· It can build a big corpus for retirement as withdrawal before the retirement is very difficult.

· The investor can enjoy the benefit of stocks as well. In the long run, shares can give the best return.

· It has the proper arrangement to reduce the risk. You can switch your fund once in a year.

· It gives an automatic portfolio allocation. The investment to equity fund reduces with the increase of age.

· It gives you tax benefit under section 80CCD.

· It gives extra tax deduction of up to Rs 50,000 under section 80CCD (1B).

Convenience of Online NPS Registration

Through the eNPS facility, the NPS registration and contribution has become a cakewalk. You can open an NPS account without stepping out of your house.

Most of People was thinking of opening an NPS account since last two years, but could not visit the intermediary. After the new eNPS facility, They have completed all the procedure sitting at my desk. Today They have opened my NPS account and contributed Rs 40,000 as well. Now I can claim an extra tax deduction in the FY 2015-16. Since They have the Adhaar number, the registration of NPS was very easy for me. I hope you would have the Adhaar as well. On this date, more than 100 Crore people have enrolled into the Adhaar. Because of the Adhaar, you are not required to give KYC document. The KYC is required for all type of the investment.

Requirement For Online NPS Registration

The online NPS is very easy but you need to fulfill some conditions. I hope you would be able to meet these conditions.

· You must have the Adhaar or PAN. The Adhaar Number should have your current address and current mobile number. All the details in the Adhaar should be correct.

· You must have a bank account.

· You must have the internet banking facility or debit/credit card.

· You should have your photograph of 4 kb -12kb size.

· You should have the scanned image of your signature. It should be less than 12 kb in size.

· You should also have a physical passport size photo. It would be used after opening the account.

Steps to NPS Online Registration [ Click here to eNPS portal ]

To open the NPS Account online you have to visit the eNPS page of the NPS trust. This page gives the facility of online registration and online contribution into the NPS account. To register, You have to click on the Registration Button. But before that, you must read the instruction given at the left side.

The next page asks your preference about the NPS account. Go through it thoroughly and choose the option as required.

· The first row has the radio buttons for New registration, Complete pending Application and Printout of the completed application. The new investor should choose the first one.

· As you would be an individual subscriber, so let this option selected. The corporate subscriber should use the next option for their employees.

· As you can see, the NRI can also subscribe to the NPS account. You should choose the applicant status accordingly.

· Now you have to choose the account type. It can be of both the tier I & tier II or only Tier I. Tier-II account gives you the facility to invest extra in the NPS account. You have the liberty to withdraw the fund any time from the Tier II account but this account does not give you the tax benefit. The Tier II account is similar to the mutual fund.

1. Tier I is the mandatory account for long-term savings. Invest in Tier I account to avail exclusive Tax benefit upto Rs.50,000 u/s 80CCD(1B).

2. Tier II is an add-on account which provides you the flexibility to invest and withdraw from various schemes available in NPS without any exit load.

The next step is for authentication. If you have chosen the Adhaar as authentication mode, you are required to enter the Adhaar number. This number would be authenticated by sending the ‘One Time Password – OTP’. This OTP is sent to your Adhaar registered mobile number.

The Authentication through PAN requires the PAN and name of the Bank. Please note, in this mode your bank do the KYC in place of you. The bank performs this task by using your PAN. Thus, your personal detail given at the bank should be same as the given in theonline NPS application form. The bank would debit maximum Rs 125 for this authentication. Hence, If you don’t have Adhaar and do not want to pay Rs 125, you should go through the offline mode.

Also, There are many banks which do not give this facility at all. Indeed, none of my banks gives this facility. Punjab National Bank, Bank Of Baroda and private banks do not participate in this facility.

On the next page, You have to give the personal details. You will notice that your name, date of birth and address are already there. You can’t edit this information as it is taken from the Adhaar data. Now you are required to give your father’s and mother’s name. You have to give mobile number into which you want NPS authentication OTP in the future.

Now you are required to give your father’s and mother’s name. You have to give mobile number into which you want NPS authentication OTP in the future. Also, enter the email ID, PAN number and other details.

After completing the captcha and submitting the details you would get the acknowledgment slip. You must keep this slip as acknowledgment number is used to access the application further. After this step, you can complete your application anytime.

The next page is about the contact details. The application would fetch these details from your Adhaar data.

Now you are required to give the bank details. The bank details are given to get the NPS maturity amount in the future. You have to also tell about your earnings.

Under the ‘Nomination details’ you have to choose the fund manager. You can choose any of the 7 pension fund managers. To assess the current performance of different fund manager, you can visit the NPS returns page.

In the next step, you have to choose the investment mode. There are two investment options. In the auto mode, the equity allocation of your fund decreases with the increase of the age. This is an automatic system and does not require your intervention. The automatic shifting of your investment continues till 80% of your fund gets invested into the government bonds.

While in the active investment mode you have to fix the asset allocation according to your choice. However, you can’t invest more than 50% in the equity fund.

The nominee form is as usual. You have to fix the portion for each nominee if you choose more than one nominee.

In the next page, you have to upload the photo and signature. if you are going through the Adhaar authentication, you would see your photo already uploaded. However, you can replace it as well. I have uploaded a better photo. The Adhaar photograph must be the worst one.

You have to upload the scanned image of the signature as well. However, the image size of the photo and signature should not be more than 16 KB.

In the next tab, you have to enter the contribution amount. If you have also opted for the Tier II account, you must specify the amount separately for that. The minimum amount for Tier-I and Tier-II accounts are Rs 500 and Rs 1000 respectively.

After the confirmation, you would reach to the payment gateway. The NPS uses SBI ePay gateway. The main hindrance of this gateway is the transaction charge. The transaction charge is as following.

Net banking – 60 paise

Debit card – 0.80%

Credit Card – 0.90%

Along with this 14.5% service charge is also levied. The payment through the net banking is very cheap but it is not available for many banks. I could not find link for private banks, Bank of Baroda and PNB.

I have went through the debit card and paid Rs 366 as the transaction charge for the Rs 40K investment.

Once the payment gets approved, you would be allotted the Permanent Retirement Account Number (PRAN). Note it down. This number is required for any further transaction and redemption. It is also mailed to you.

Along with PRAN number, you would see a button to ‘download the completed application form’. You have to download it.

Take the print of the downloaded form. You can see all the details into the form. Stick a passport size photograph at the form and sign it.

The following points may be noted:

• The Subscriber should sign on the block provided for signature.

• The photograph should not be stapled or clipped to the form.

Send this form to the Central record keeping Agency. The address is given below. It is also given on the form.

Central Recordkeeping Agency (eNPS)

NSDL e-Governance Infrastructure Limited 1st Floor, Times Tower,

Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013

You have to send the form within 90 days of application submission. The subsequent contribution can be made only after the form reaches to the CRA.

Those who have opted for the Tier-II account should also send the copy of PAN card and a canceled cheque.

After the final approval of your NPS account, you can make a further contribution online through the same eNPS page i. e.

eNPS portal

Meanwhile, the PRAN Kit containing a PRAN Card, IPIN/TPIN, Subscriber Master Report, Scheme Information Booklet along with a Welcome Letter will be sent to your registered address.

The T-PIN and I-PIN are sent separately to the same address. The PIN mailers contain the login credentials required by the subscriber for accessing his/her account over the internet and telephone. The despatch details of the PRAN kit and PIN mailers are provided to the subscriber through SMS alert to the subscriber

eNPS -NPS Account Online: Points To Note

1. For Authentication through the PAN, your KYC verification will be done by the Bank selected by you during the registration process. In case, KYC gets rejected by the bank, the applicant should contact the Bank.

2. For queries please contact : 022 – 4090 4242 or write to: eNPS@nsdl.co.in

3. The contribution to the Tier – II account is not eligible for tax deduction.

4. The existing NPS member can also use eNPS portal to submit their contribution online.

5. The government employee can contribute extra into their NPS account using eNPS. It can give the extra chance of tax saving.

6. NRIs can also invest into the NPS using the online facility. The all other terms are same.

7. To change any personal detail you have to change those in Adhaar database first.

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