Income Taxpayers are in search for tax-saving options as the financial year is all set to end on March 31. You will receive an exclusive tax deduction benefit of Rs 50,000 by investing in NPS, the pension fund regulatory body PFRDA said.
Investing in NPS becomes more rewarding with the exclusive additional tax benefit of Rs 50,000, according to the Pension Fund Regulatory and Development Authority (PFRDA).
The Pension Fund Regulatory and Development Authority has been established by the Government of India to regulate NPS and any other pension scheme not regulated by any other enactment.
NPS INCOME TAX BENEFIT
- Investors in NPS can avail a number of exemptions.
- Investors can enjoy tax exemption at the time of maturity.
- Accumulated amount is also exempted from income tax.
- One can avail income tax exemption at the time of investment.
NPS is a voluntary retirement savings scheme.
The applicant should be between 1870 years of age as on the date of submission of his or her application and should comply with KYC norms prescribed.