Under the existing law, no one is authorised to take the whole amount of post-retirement payments received. The calculator is impervious to human error. If you have ever tried to compute the pension amounts manually, you will understand how time-consuming the process may be. Our NPS calculato...
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 e...
On Employee’s contribution under Section 80CCD(1):Employee’s own contribution is eligible for tax deduction under sec 80 CCD (1) of Income Tax Act up to 10% of salary (Basic + DA). This is within the overall ceiling of Rs. 1.50 Lacs under Sec. 80 CCE of the Income Tax Act. On...
b) In case of subscriber presently under private sector including All Citizen Model: POP (Name of the POP) Collection Account-NPS Trust<>Subscriber Name<>PRAN (12 Digit No.) The employee should request the recognised provident fund/superannuation fund to issue a letter to his present employer ...
TheNational Pension System provides tax benefitsunder Section 80C and Section 80CCD(1B) of the Income Tax Act. By investing in NPS, you can avail a deduction of up to Rs. 1.5 lakh under Section 80C, along with an extra deduction of up to Rs. 50,000 under Section 80CCD(1B). ...