What are the tax benefits of being a member of the NPS? The Income Tax Act of India provides that individual subscribers to the (NPS) are eligible for tax benefits if they contribute to the scheme throughout their working life. What is the definition of an annuity? The Annuity is the am...
Before 2004, the government employees were eligible for pension under the Old Pension Scheme (OPS) system. Under this scheme, the pensioner used to get a starting pension of 50% of the last drawn salary. This was a defined benefit system, unlike NPS which is a defined contribution system. ...