NPS gets you extra ₹50,000 income tax deduction. How to claim2 min read 24 Nov 2018, 10:05 AM IST
NPS helps get extra income tax deduction beyond ₹1.5 lakh limit (under Section 80C)
If you are a salaried individual and have already exhausted the ₹ 1.5 lakh Section 80C income tax benefit, the NPS could help you with additional tax savings. Investment of up to ₹ 50,000 in the National Pension Scheme or NPS for all subscribers, whether salaried or self-employed, qualifies for additional tax deduction under Section 80CCD (1B) of the Income Tax Act. This deduction is in addition to the ₹ 1.5 lakh allowed under Section 80C.