Key Points
Nirmala Sitharaman. to explore the possibility of making. annuity income. from the National Pension System (NPS) tax-free..
Sumit Shukla, the CEO of Axis Pension Fund, contends that according tax-free status to annuity income from the. aligns with principles of fairness, financial security, and social welfare...
With subscribers mandated to purchase annuities from the NPS, taxing this source of income may impede senior citizens ability to meet basic living expenses and maintain a decent standard of living...
He also highlights the global trend of providing tax exemptions on annuity income, emphasizing the importance of supporting senior citizens in their retirement years...
Additionally, Shukla addresses the existing taxation on income from contributions to the Employee Provident Fund (EPF), NPS, and/or superannuation fund exceeding Rs 7.5 lakh in a financial year..
