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 ...
Your contributions towards NPS up to 10% of Salary (Basic + Dearness Allowance) are eligible for a tax deduction under Section 80CCD(1) of the Income Tax Act 1961, subject to a ceiling of Rs 1.5 lakh of Section 80C. An additional investment of Rs 50,000 is eligible for a tax deduct...
You may invest upto 20% of your gross annual income and claim tax exemption on the invested amount under section 80CCD(1). This tax exemption is subject to a limit of Rs. 1,50,000 under section 80C of Income Tax Act, 1961.
if withdrawal is done before that, then a staggering 80% of the accumulated capital must compulsorily be used to buy a life annuity and the balance of 20% can be utilised by the account holder for any purpose
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,...
The study's overall conclusion is that alkalescent nucleoside antibiotic-loaded ZnONPs can combat the biotic stress caused by M. grisea. Furthermore, they induce rice plants' physiological and biochemical functions, indicating that these biofabricated ZnONPs positively impact rice plants. This is a...
Contribution by government employees under Tier-II of NPS will now be covered under Section 80 C for deduction up to Rs 1.5 lakh for the purpose of income tax provided there is a three-year lock-in period. This is the same as schemes such as the General Provident Fund, Contributory Provid...
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NPS account is portable NPS is a pension system which offers financial security after retirement to a person.During the service life of an employee, only one NPS account is maintained irrespective of change of employer.You can shift from one sector to another,from one State Government service to...