How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, volunta ...
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- Entities registered under the Companies Act, 2013 or a cooperative society registered un der any law relating to Co-operative societies.
- Bodies established or incorporated under any act of Parliament or any law enacted by a State legislature or under any order/notification issued by the Central / State Government.
- Public Sector Enterprises or any Government company
- Registered Partnership Firms
- Limited Liability Partnerships (LLPs)
- Proprietary Concerns
- Trusts / Society
- Foreign companies having registration u/s 591-608 of Companies Act 1956 in respect of their eligible Indian employee(s)
- Foreign / diplomatic missions operating in India (Embassy/High Commission/Consulate etc.) in respect of their eligible Indian employee(s)
- International Organizations operating in India (UN / WHO / World Bank / ADB / IMF etc.) in respect of their eligible Indian employee(s)
- Advising companies on the NPS registration process and helping the company to register with the PFRDA.
- Review and approve the company's NPS registration application.
- Set up and manage the company's NPS account.
- Processing employee contributions and remitting them to the NPS Trust on time and in full.
- Get expert guidance on all aspects of the NPS, including choice of scheme, contribution optimization, investment strategy, and withdrawal of benefits.
- Register with the NPS Trust and obtain a Corporate Permanent Retirement Account Number (CPPAN).
- Remit employee contributions to the NPS Trust on time and in full.
- File all required NPS returns and reports. This includes the Annual Declaration of Employer Contribution (ADE), the Quarterly Declaration of Employee Contribution (QDEC), and the Annual Transaction Statement (ATS).
- Maintain accurate NPS records includings employee contribution records, investment records, and withdrawal records.
- Get expert advise on investing the NPS contributions in accordance with the investment norms prescribed by the PFRDA.
- Filing the ADE and QDEC within 15 days of the end of the financial year and quarter, respectively.
- Get expert guidance on all aspects of the NPS, including choice of scheme, contribution optimization, investment strategy, and withdrawal of benefits.
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
Corporate can roll out NPS as a voluntary scheme or mandatory scheme for all employees or a certain set of employees only. The decision remains with employer. Corporate can fix the frequency & percentage of deduction from employee’s salary.
As a corporate NPS account holder you can invest maximum upto 10% of the employees’ basic salary + dearness allowance via your employer. This investment can be claimed tax exempt by the employee under Section 80CCD(2) of Income Tax Act of 1961.
What is the main difference between an individual and a corporate NPS account in India? Corporate NPS scheme is created to help private employers create a pension benefit for their employees. Corporate NPS savings needs an activation from the employer. So one needs to be employed or self-employed to have corporate NPS.
₹7.50 Lakh per annum
Up to 10% of the salary (Basic Salary + Dearness Allowance). With regard to the retiral contributions made by the employer towards Superannuation Fund, Provident Fund and NPS, the total deductions for all such contributions are capped at ₹7.50 Lakh per annum.
Tax deduction up to 10% of salary (Basic + DA) under section 80 CCD(1) within the overall ceiling of Rs. 1.50 lakh under Sec 80 CCE. Tax deduction up to ₹50,000 under section 80 CCD(1B) over and above the overall ceiling of Rs. 1.50 lakh under Sec 80 CCE.
NPS provides you two types of accounts: Tier I and Tier II. Tier I is mandatory retirement account, whereas Tier II is a voluntary saving Account associated with your PRAN. Tier II offers greater flexibility in terms of withdrawal, unlike Tier I account, you can withdraw from your Tier II account at any point of time.
NPS is mandatory for the Central Government recruits w.e.f. 1st Jan 2004 (except armed forces) which
replaced the earlier defined benefit pension and almost all State Governments have adopted NPS for
their employees and is applicable as per the terms and date notified by the State Government in their
respective gazette notifications
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