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NPS Withdrawal Form PDF

NPS Withdrawal Form PDF Download

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NPS Withdrawal Form PDF Details
NPS Withdrawal Form
PDF Name NPS Withdrawal Form PDF
No. of Pages 3
PDF Size 0.56 MB
Language English
CategoryEnglish
Source npscra.nsdl.co.in
Download LinkAvailable ✔
Downloads17
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NPS Withdrawal Form

Here in this post, we are presenting NPS Withdrawal Form PDF. If you had applied for partial withdrawal of funds from your National Pension System (NPS) account online and have not received them yet, you will have to resubmit your partial withdrawal request.

In case of partial withdrawal requests received online till 30 November 2018, NPS Trust had asked the customers to resubmit the completed partial withdrawal form and documents, this time in physical form.

NPS Withdrawal Form PDF – Highlights

You can make partial withdrawals from the NPS corpus for specific purposes. Under the current NPS withdrawal rules, the maximum amount you can withdraw is up to 25% of your total contribution (total is not counted in the NPS account balance). However, to avail of the NPS partial withdrawal benefit, you must be an NPS account subscriber for at least 10 years at the time of withdrawal. Partial withdrawals to your NPS account will be made only thrice during the entire tenure. Under the existing rules of the National Pension System, these partial withdrawals are completely tax-free.

Partial NPS contribution withdrawals can be requested for the following:

  1. children’s higher education
  2. children’s wedding
  3. For purchase or construction of a residential house or flat in his own name or jointly with his spouse. However, if you already own a house or flat other than the ancestral property or are jointly, then it will not be allowed.
  4. For the treatment of any of the diseases mentioned below. The patient can be the customer, his/her spouse, children, or dependent parents.
  5. cancer
  6. kidney failure
  7. early pulmonary arterial hypertension
  8. multiple sclerosis
  9. major organ transplant
  10. coronary artery bypass graft
  11. aortic graft surgery
  12. heart valve surgery
  13. the strokes
  14. myocardial infarction
  15. Coma
  16. total blindness
  17. paralysis
  18. Accident of serious/fatal nature
  19. Any other serious illness or life-threatening nature as specified by PFRDA from time to time

NPS Tier 1 Withdrawal Rules for Withdrawal after Maturity

The NPS Tier 1 account matures when the subscriber reaches 60 years of age, but you can delay withdrawing these investments till the age of 70 years. Under the existing NPS withdrawal rules, you can withdraw up to 60% of your corpus for post-maturity withdrawal. tax-free. You should use the remaining 40% to buy an annuity. An annuity provides a monthly pension to the NPS subscriber after retirement. The monthly pension received is taxed at the slab rate of the investor. However, this tax is not applicable at the time of NPS withdrawal but actually as per the slab rate in the financial year in which the pension was paid.

For example, if you have Rs. Suppose there is one crore NPS corpus.

  • Out of this, you will get Rs. Withdrawals up to Rs 60 lakh at a time are tax-deductible.
  • You can use the remaining Rs. 40 lakhs is used. This annuity amount is not taxable at the time of purchase of the annuity. However, the annuity is taxed at your slab rate and delivered. For example, a purchase of Rs. 40 lakhs to Rs. Let’s say its annual revenue is Rs 3.2 lakh. Rupee. This annual payment of Rs 3.2 lakh will be taxed at your slab rate. This payment is taxable in the relevant years of payment and not in the year of annual purchase.

Key details you need to mention in the withdrawal form include:

  •    Subscriber name
  •         Subscriber date of birth
  •         Address
  •         Gender
  •        PRAN number
  •         PAN number
  •         Nominee details etc.

NPS Taxation Rules

Unlike some other section 80C tax-saving investments, NPS withdrawals are taxable in most cases. The taxation rules for NPS withdrawal differ depending on the type of withdrawal/exit from NPS. The only case of Nil tax on NPS withdrawal is applicable on partial withdrawal of NPS contribution. This is allowed only for specified reasons and after at least 10 years of membership. Limitations include the fact that only 25% of the subscriber’s total contribution (not the value of the NPS corpus) can be withdrawn as a lump sum and such partial withdrawals can be made only 3 times during the lifetime of the NPS account.

In case of withdrawal due to retirement (maturity) of the account, the current NPS taxation rules stipulate that 60% of the amount can be withdrawn without payment of any tax. The remaining 40% NPS withdrawal is to be mandatorily used to buy an annuity. However, annuity payments are taxable in the financial year of the payment as per the slab rate of the individual investor.

In case of premature exit of a subscriber from NPS, the lump sum withdrawal (20%) is taxable as per the applicable slab rate in the year of withdrawal. The remaining 80% corpus has to be mandatorily converted into an annuity and is taxable as per the slab rate of the annuitant in the year of payout.

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Here you can free download NPS Withdrawal Form PDF by clicking the link given below.


NPS Withdrawal Form PDF Download Link

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