WebMar 18, 2024 · From the Income Tax point of view, it is an attractive scheme as the subscriber in the NPS is entitled to get additional tax benefit up to Rs. 50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 available u/s 80C /80CCE of Income Tax Act. WebSection 80CCD (1B): The NPS finds additional attraction among taxpayers as an additional tax deduction of Rs 50,000 is possible under Section 80CCD (1B) for investments made in the NPS. This additional contribution can take the collective tax deduction under Section 80C to Rs 2 lakh.

NPS tax exemption – Section 80CCD easy guide

WebNPS Deduction under Section 80CCD (1) This section highlights the basic NPS rules for both salaried and self-employed persons. This section says that the maximum tax deduction … WebJan 10, 2024 · NPS tax exemption can be availed by Individuals who is either employed by any other employer or assessee or any other assessee who has paid and deposited … order by 1 in plsql

NPS tax exemption – Section 80CCD easy guide

WebJan 10, 2024 · NPS tax exemption can be availed by Individuals who is either employed by any other employer or assessee or any other assessee who has paid and deposited amount in pension scheme notified by Central Government. The NPS tax exemption is governed by Section 80CCD of Income Tax Act, 1962. WebTax Benefits under NPS: 1. Tax benefits to employee on self-contribution: Employees contributing to NPS are eligible for following tax benefits on their own contribution: a) Tax … WebSimilarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section 80CCD(2) of the Income Tax Act. order by 1 meaning sql