Under the tax benefits, subscribers can have 25% of the subscriber's contributions. This comes under Section 10(12B) of the Income Tax Act. What documents are required for NPS withdrawal? Withdrawal form, PRAN card, identity proof, address proof, bank account proof, and a canceled cheque is...
To summarize the tax angle of NPS,investments of up to Rs 50,000 in NPS Tier I account in a financial year qualify for additional tax deduction under Section 80CCD (1B) of the Income Tax Act.This is in addition to the Rs1.5 lac deduction available via Section 80C. Now as mentioned ...
You can claim a total deduction of Rs 2 lakh together under Section 80C and Section 80CCD this financial year while filing ITR. Since you have already made a contribution of Rs 2.1 lakh to National Pension Scheme (NPS), you can claim a total deduction of Rs 2 lakh, including Rs 50,00...
Auto choice– Lifecycle Fund– This is the default option under NPS and wherein the management of investment of funds is done automatically based on the age profile of the subscriber. There are 3 types ofAuto choices, Aggressive, Conservative, Moderatewhich differ in the amount invested in equit...
Currently, there is no other scheme that gives an assured return of around 8% and that too tax-free. EPF contribution happens before salary comes to the bank account so it is compulsory saving for retirement. You can open an NPS account and contribute to it at a personal level. So you ...