NPS investment: Income tax benefit under 80CCD (1B) and 80CCD (2) is over and above ₹1.5 lakh limit under Section 80C.
National Pension System or NPS is designed to save towards post retirement years by making contribution during the work life. Income tax benefits are one of the key advantages of investing in NPS, which is open for both salaried and self-employed. NPS offers two of accounts: Tier I and Tier II. Investment in Tier I account gets a number of income tax benefits but subscribers cannot withdraw till the person reaches the age of 60. Partial withdrawal and premature exit is allowed in specific cases.
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