Income tax deduction on NPS: Old tax rate vs new tax rate2 min read 01 Mar 2020, 07:36 AM IST
If you opt for the new tax rates, you can still claim income tax deduction on employer contribution towards employee’s NPS account
Some deductions can still be availed if you opt for the new income tax regime which has seven tax slabs
National Pension Scheme or NPS helps you build a kitty for your retirement years. Your contribution towards NPS also qualifies for a host of income tax benefits. But it should be noted you will not be eligible for some of the tax benefits on NPS contribution if you opt for the new tax rates announced in the Budget. But some deductions can still be availed if you opt for the new income tax regime which has seven tax slabs.