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The Print
11 hours ago
- The Print
Saheli Smart Cards with names, photos to offer free-bus ride to Delhi women
'To obtain the digital card, applicants must be bona fide residents of Delhi, aged 12 years or above, and have valid proof of address. They must register online through the DTC portal, select a participating bank, and complete full KYC verification at the chosen bank branch,' the official said. An official said the smart card will be issued under the National Common Mobility Card (NCMC) framework. Unlike the existing paper-based pink ticket system, the card will allow free travel only on DTC and Cluster buses, and support recharge and top-up functionality for use on other transit modes. New Delhi, Jul 7 (PTI) Saheli Smart Card, a personalised travel pass carrying the holder's name and photo, will facilitate free rides to women and transgender residents of Delhi aged 12 and above on all DTC and Cluster buses. Once the KYC process is completed, the card will be dispatched to the applicant's registered address by the bank. Giving more details on the required documents, the official said Aadhaar card, PAN card, proof of residence in Delhi, passport-size photograph, and any other documents under bank-specific KYC norms will be needed. The Delhi government, in its communication to banks and financial institutions, has invited expressions of interest for the issuance of these cards. It said these cards will usher in a new era of safe, accessible, and paperless public transport for women and transgenders in the city. The official further clarified that while the government will not charge commuters for travel, issuing banks may levy a nominal card issuance or maintenance fee as per their policies. In case the card is lost, users must report it to the issuing bank, which may provide a replacement as per its terms. The card will need to be activated through the Automatic Fare Collection System (AFCS) of DTC before use. Though the card can be used on other transit systems after topping up, the free travel benefit is restricted to DTC and Cluster buses under this scheme. 'No card will be issued directly by DTC. Registration is completely online through the DTC portal, and cards are issued only after full KYC verification by the selected bank,' the official added. The Delhi Transport Corporation operates 44 depots across Delhi and one in Noida. It has an active fleet of 3,266 buses, comprising 1,950 electric and 1,694 CNG buses. Chief Minister Rekha Gupta, during her Budget Day address in March, criticised the earlier practice of issuing pink paper tickets to women, alleging that it was a major source of corruption under the previous administration. She announced that the new system would allow women to travel without having to rely on paper tickets, instead using secure digital cards. PTI NSM NSM NSD NSD This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
16 hours ago
- Time of India
NPS vs UPS: Big move for central government employees! NPS tax benefits now available under UPS - here's what it means
In a significant move aimed at strengthening the Unified Pension Scheme (UPS), the Finance Ministry has extended income tax benefits currently available under the National Pension System (NPS) to the newly introduced UPS. A government release said, 'In a bid to provide further impetus to the UPS, the Government has decided that tax benefits as available under NPS shall apply mutatis mutandis to UPS as it is an option under NPS. These provisions ensure parity with the existing NPS structure and provide substantial tax relief and incentives to employees opting for the Unified Pension Scheme.' The government's decision is expected to address the primary concern that had dampened interest in the UPS — lack of clarity on tax treatment. UPS, which became operational on April 1, 2025, is a guaranteed pension model for central government employees that operates within the broader NPS framework. Tax benefits under NPS: Old vs New regimes Under the old tax regime, central government employees enjoy deductions under three provisions: Section 80CCD(1): For employee's own contribution, capped at 10% of basic salary or Rs 1.5 lakh (whichever is lower), within the broader Rs 1.5 lakh limit under Section 80C. Section 80CCD(1B): An additional deduction of Rs 50,000 for contributions to the NPS Tier-I account. Section 80CCD(2): For employer's contribution, up to 14% of basic pay + dearness allowance (DA) for central government employees. Under the new tax regime, deductions are restricted to Section 80CCD(2), where a government employee can claim up to 14% of basic pay + DA as deduction for employer's contribution. There is no deduction for the employee's contribution under this regime, according to an ET report. With the extension of the same framework to UPS, employees choosing the new scheme can expect equivalent tax savings. Key expert views on UPS tax deductions Naveen Wadhwa, Chartered Accountant and Vice President at told ET, that those choosing the old tax regime will continue to avail deductions under Section 80CCD(1) and Section 80CCD(1B). However, further clarification is required regarding the maximum deduction limit under Section 80CCD(2). The uncertainty stems from the fact that whilst Section 80CCD(2) permits a maximum deduction of 14% of basic salary plus DA under both tax regimes, the government's contribution towards UPS stands at 18.5%, which exceeds the NPS contribution rate, he said. Ashish Niraj, Chartered Accountant and Partner at A S N & Company, noted: 'One of the main reasons for the low choice of UPS was the uncertainty regarding the taxation of UPS. Now that the government has clarified that tax benefits will apply mutatis mutandis, people will get clarity. Earlier, NPS subscribers were eligible for tax deduction up to 14% of salary (Basic + DA) contributed by the employer under Section 80CCD(2) under both the tax regimes over the limit of Rs 1.50 lakh provided under Section 80C and Rs 50,000 under Section 80CCD(1B). Now, as the government contribution is 18.5% in the case of UPS, so in my view, UPS subscribers will get 18.5% deduction under 80CCD(2) if they are government employees.' Contribution structure and assured benefits under UPS As per the government's FAQs, both the employee and the Central Government will contribute 10% each of basic pay plus DA to the individual corpus. Additionally, the government will contribute another 8.5% to a pooled fund, intended to support the guaranteed pension benefits for UPS subscribers. UPS guarantees a monthly pension payout equal to 50% of the average of the last 12 months' basic pay, provided the employee has completed 25 years of qualifying service. Those with at least 10 years of service are entitled to a minimum assured payout of Rs 10,000 per month, subject to regular and timely contributions. Deadline extended for opting in The Finance Ministry has also extended the deadline for central government employees to switch from NPS to UPS from June 30, 2025, to September 30, 2025. This extension offers employees more time to assess the viability of the new scheme in light of the clarified tax treatment. This policy alignment is likely to increase traction for the UPS, especially with the potential for full tax deduction on the 18.5% employer contribution — a feature that could tilt the decision in favour of those seeking assured post-retirement benefits. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
19 hours ago
- News18
How EPF And NPS Together Can Secure Rs 12 Cr Retirement Corpus Without Tax Burden
As per an illustrative scenario shared by Bangar, an individual earning Rs 75,000 per month and contributing Rs 12,500 each to EPF and NPS (including employer share), while increasing contributions by 8% annually, can accumulate a combined corpus of Rs 12.16 crore in 30 years. This is based on current return assumptions — 8.25% for EPF and 11% for NPS. While EPF offers guaranteed returns and tax-free maturity, it has limited liquidity and may not suit short-term goals. On the other hand, NPS offers higher returns through market-linked options and ultra-low management charges (0.1%), but mandates that 40% of the corpus be used to buy an annuity at retirement, which restricts full withdrawal. Further, Bangar pointed out that individuals with a salary of up to Rs 14.65 lakh annually can remain tax-free even under the new income tax regime, if their employer contributions to EPF and NPS are optimized. Contributions of up to 12% of basic salary to EPF and up to 14% to NPS are exempt from tax. To maximize returns, experts suggest choosing VPF for extra EPF savings, using NPS Active Choice with higher equity allocation early on, and gradually shifting to debt as retirement nears. Additionally, adopting Systematic Lump Sum Withdrawals (SLW) from NPS post-retirement can help reduce tax burden.
