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what is the nps and tax benefits?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

what is the nps and tax benefits?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

NPS (formerly New Pension Scheme) is a pension system that was launched by the government on April 1, 2004. This is a defined contribution pension scheme, meaning under NPS a customer will invest a pre-defined sum every month in a fund chosen by him/her and at the time of retirement will have a lump sum amount depending on the performance of that fund.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

NPS is National Pension Scheme which is handled by government of india Contributions from the subscribers are collected and deposited in pension account . Deduction u/s 80CCD is not just available to salaried individuals it is also available to nonsalaried individuals,both can contribute to national pension scheme and avail tax benefits Amount allowed as deduction u/s 80CCD

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**NATIONAL PENSION SCHEME AND TAX EXEMPTIONS** Hi, NPS is National Pension Scheme which is handled by government of india Contributions from the subscribers are collected and deposited in pension account . Deduction u/s 80CCD is not just available to salaried individuals it is also available to nonsalaried individuals,both can contribute to national pension scheme and avail tax benefits Amount allowed as deduction u/s 80CCD is If its an employee-- 10% of salary for Financial year ( salary includes DA ) If its not an employee-- 10% of gross total income in financial year There is an amendment in the budget of 2015 First the deduction allowed was limited upto 1 lakh which is now increased to 1,50,000 Thanks :)

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Picsjoin 2017224123730582 answered

Hie Rakesh, **Definition of National Pension Scheme (NPS) :-** NPS (formerly New Pension Scheme) is a pension system that was launched by the government on April 1, 2004. This is a defined contribution pension scheme, meaning under NPS a customer will invest a pre-defined sum every month in a fund chosen by him/her and at the time of retirement will have a lump sum amount depending on the performance of that fund. This is different from the earlier pension system where the amount one received every month after retirement was set by the government and increased periodically (also called defined benefit system). Those who are under the NPS, after retirement they will have to depend on their corpus for their monthly pension. Although started as a pension system only for the government employees, now NPS has been opened to people from the private sector. NPS is regulated by Pension Fund Regulatory and Development Authority ( PFRDA). **National Pension Scheme (NPS) tax benefits are :-** 1. It reduces your tax liability by availing the deductions u/s (80CCD) which will be upto Rs.1,50,000/- under section 80 CDD(1) and an additional Rs.50,000/- under section 80CCD (1B) per assessment year (applicable from FY 2015-16/AY 2016-17). - Tax benefits to employer: Contributions made by the employer (upto 10% of Basic + DA) is allowed as a business expense under Section 36 (1) (iv) (a) of Income Tax Act 1961 - Tax benefit to employee: Employer’s contribution – Eligible for tax deduction upto 10% of Salary (Basic + DA) contributed by employer under sec 80 CCD (2) It is to keep in mind that this contribution is not included in overall limit of Rs. 1.5 lakhs as mentioned u/s 80CCE. It means that if any employee has basis salary of Rs. 30,00,000/- and his employer contribution Rs. 3.00 lakhs, he can get a deduction of Rs. 3.00 lacs u/s 80CCD (2). It can provide lot of tax benefit to employees under higher salary brackets. Employee’s contribution – Eligible for tax deduction upto 10% of Salary ( Basic + DA) under sec 80 CCD (1) within the overall ceiling of Rs. 1.5 Lac under Sec. 80 CCE.

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