[7th July, 2020] In exercise of the powers
conferred by clause (xxv) of sub-section (2) of Section 80C of the Income-tax
Act, 1961 (43 of 1961), the Central Government hereby makes the following scheme,
namely: (1) This scheme may be called
the National Pension Scheme Tier
II-Tax Saver Scheme, 2020. (2) It shall come into force
from the date of its publication in the Official Gazettee. (1) In this scheme, unless the
context otherwise requires, (a) “Act” means the Income-tax
Act, 1961 (43 of 1961); (b) “authority” means the
Pension Fund Regulatory and Development Authority established under sub-section
(1) of Section 3 of the Pension Fund Regulatory and Development Authority Act,
2013 (23 of 2013); (c) “investment” means
contribution in an specified account by the Central Government employee in
accordance with the scheme; (2) The words and expressions
used herein and not defined but defined in the Act shall have the same meaning
as respectively, assigned to them in the Act. (i) The assessee, being a
Central Government employee, shall make contribution to the specified account
which has been activated by the authority in accordance with the provisions of
this scheme read with the operational guidelines, if any, issued by the
authority in this regard on or after the date of commencement of this scheme. (ii) The minimum amount of
contribution to activate the specified account shall be one thousand rupees and
minimum amount of subsequent contribution shall be two hundred and fifty
rupees. The contribution made under
this scheme shall have a lock in period of three years from the date of credit
of amount to the specified account. The contribution made to
the specified account shall not be permitted to be assigned, pledged or
hypothecated during the lock-in-period.National
Pension Scheme Tier II-Tax Saver Scheme, 2020