Recently, the Central Board of Excise and Customs (CBEC) notified Service Tax Exemption on ‘Pradhan Mantri Vaya Vandana Yojana’.
The scheme benefitting citizens aged 60 years and above was announced by the Finance Minister Arun Jaitley in his Union Budget-2016. It provides for a pension plan with subsidized pension rates which will provide an assured return of 8% per annum payable monthly (equivalent to 8.30% per annum) on the pensioner surviving during the policy term of 10 years.
Benefits such as pension payment, death benefit, Maturity benefits etc., are available to the pensioner under the scheme.
Read the full text of the Notification below.
