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ASSIGNMENT OF INCOME TAX

ON
SUKANYA SAMRIDDHI YOJANA
&
NATIONAL PENSION SYSTEM

Submitted By:
Abhishek Bansal
BBA 5A
Roll No. 09
 The Sukanya Samriddhi Yojana (SSY),
Which is also known by the name of
“Child Prosperity Scheme” Is launched by
The Honourable Prime Minister Shri
Narendra Modi, As a part of Beti
Bachao Beti Padao Campaign.
 The prime goal of this scheme is to focus
on girls child higher education and
marriage.
 One of the key benefit of this scheme is
the interest rate that is offered , I.E., 9.2%
per year for 2015-16.
BENEFITS
Tax benefits
 Maximum of Rs1,50,000 is exempted from tax
under section 80C of it act, 1961.
 Interest gained + the maturity amount is also tax
free.

Security
 Your girl is entitled to the money accumulated,
which can be used for her higher education.
 Interest will be paid even maturity of amount
under the certain conditions.
HOW TO GET SSY – THE PROCEDURE
Eligibility
 The Child Must Be A Girl
 She Should Be An Indian Citizen

 She Must Be Under Or 10 Years Old At The Time


Of Opening Account.

Document Required
 Childs Birth Certificate
 Identity Proof Of Guardian

 Proof Of Address Of Guardian


 SSY can be opened at any post office in India.

 Theparents or legal guardians are allowed to


operate the account on the behalf of girl, till she
turns 10.Afterwards, she can operate her account
herself if she choose too.
OTHER MUST KNOW FACTS
 One can invest in the scheme till 14 years.
However, she will keep getting interest
even after 14 years, till the time she gets
married.
 No premature withdrawal is allowed.
However, 50% of deposit amount can be
withdrawn if that goes for higher
education or marriage expenses.
 One 1 account per girl can be opened.

 A parentor guardian can open maximum 2


accounts, even though they have 3
daughters. However, 3 accounts can be
opened if 2 of them happens to be twin.
POSITIVE SIDE
 This is very good initiative, take by
government, where a girl has a scheme to
take care of her higher education or
marriage expenses.
 It provides a backbone for a girl child till
she gets married.
NATIONAL
PENSION
SYSTEM
INTRODUCTION
 Pension plans provide financial security and
stability during old age. Retirement plans
ensures that people live with pride and without
compromising on their standard of living during
advancing years.
 The National Pension System (NPS) is a defined
contribution pension system operated by the
government of India in 2004.
 All citizens of India between 18-60 years of age
are eligible for investing in NPS.
OBJECTIVES
 To provide old age income.
 Safe and reasonable market based return
over the long term.
 Extending old age security coverage to all
citizens.
 To reach out to and provide social security
to vulnerable sections of society,
particularly those living below the
poverty line.
KEY POINTS
 National Pension System (NPS), regulated by
Pension Fund Regulatory And Development
Authority (PFRDA).
There are two types of pension accounts-
 Tier – 1 pension account: You will contribute
your savings for retirement into this non
withdrawal account.
 Tier -2 savings account : This is an add –on
account , which is simply a voluntary saving
facility. You are free to withdrawal you saving
from this account whenever you wish.
BENEFITS OF JOINING NPS
 It is meant for all citizens of india between age
18- 60 years.
 It is flexible, one can choose his own investment
option and pension fund manager
 It is portable, one can operate the account from
anywhere in country, even if you change you
city, job, or pension fund manager.
 Ex benefits would be available as per the income
tax act 1961 as amended from time to time.
DEMAND OF PENSION IN INDIA
 Innovation and technology has lead to increase
in life expectancy of humans.
 Therefore increase in life expectancy will require
to fulfil the basic need in old age which will lead
to great demand of pension schemes in India.
 Therefore with improvements in cost factors
such as management expense and easily
availability will lead to success new pension
schemes.
CONCLUSION
 The scheme is an ideal fit for the people
who are looking for retirement plan and
are investing mutual funds or fixed
deposits for the same.
 Not only, here they will bear a lower cost
but also avail the tax benefit while
contributing and maintaining this fund.
Thank you
Submitted By:
Abhishek Bansal
BBA 5A
Roll No. 09