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...
2.Tax benefit for the NPS subscriber u/s 80CCD (1B) -For the NPS Tier I subscriber, an additional deduction of Rs. 50,000 is available for the investment u/s 80CCD (1B). This investment facility is available over the deduction amount of Rs. 1.5Lac u/s 80C of Income-tax Act, ...
Authorities believe that while EPF is a statutory deduction scheme for all organized sector employees in any establishment having 20 or more employees, NPS is voluntary. Besides, whileEPF deductions are 12%each for employees and employers,NPS deductions are 10%. Budget 2015-16 and transfer of EPF...
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). ...