Overview
Tax Credit is a kind of concession by reduction in tax liability offered by the Government to Tax Payers with the objective to promote disciplined savings & investment culture.
Enjoy Greater Tax Savings with ABL Pension Funds
Invest in ABL Pension fund and ABL Islamic Pension Fund and legally claim up to 20% Tax Savings* on your income while enjoying the following benefits:
- Attractive Returns
- Free Insurance OR Takaful Coverage**
- 50% Tax Free Withdrawal at Retirement on your investment ***
Claim Your Tax Savings in 2 Steps
Step 1: Invest in ABL Pension Funds up to your tax ceiling before June 30.
- Invest up to maximum of 20% of taxable income in ABL Pension Fund o ABL Islamic Pension Fund
Step 2: Claim Tax Credit on your Annual Tax Liability based on the investment
- As a Salaried individual, you can inform your HR or Finance Department about your investments by submitting the account statement to adjust your tax credit amount from the monthly income tax deductions.
- As a non-salaried individual you can adjust your tax payable by showing investment in your wealth statement at the time of Income tax return filing.
Estimate your Actual Tax savings
Use this calculator to find out the amount of tax savings that you can get when investing in Voluntary Pension Scheme (ABL Pension Fund/ ABL Islamic Pension Fund)
- Select your occupational class
- Enter Gross Annual Taxable Income (Rs.)
- Enter Actual Amount you wish to Invest Annually in VPS (Rs.)
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***In addition, as per Finance Act, one can get 50% Tax-Free Redemption on VPS Contributions after retirement, while the remaining 50% will be taxed at an average rate based on the last 3 years’ tax returns.
The retirement age for the participants shall be any age between sixty and seventy years or twenty-five years since the age of first contribution to ABL PF/ABL IPF, whichever is earliest. For withdrawal of any amount before the preselected retirement date of any lump sum withdrawal in excess of 50% at or after retirement age, the tax equivalent to an average tax rate of last 3 years will be charged.
Disclaimer: All investments in Pension Funds are subject to market risks, past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the Investment policies and risks involved. Investors are expected to seek Independent advice so as to determine the tax saving from investment in voluntary pension schemes.
Note: Categorization ABL Pension Fund: Voluntary Pension Scheme; Categorization ABL Islamic Pension Fund: Shariah Compliant Voluntary Pension Scheme. Risk Profile: Investor Dependent.