slide

Is NPS still the best tax-saving financial instrument?

The NPS contribution is eligible for deductions from the taxable income of an individual under Section 80CCD of the Income Tax Act.

An individual can claim deductions of up to Rupees 1,50,000 under Section 80CCD(1) for self-contribution to the NPS.

An additional deduction of up to Rupees 50,000 can be claimed under Section 80CCD(1B).

Employer contributions to the NPS account of an employee are eligible for a deduction of up to 14% of salary under Section 80CCD(2).

The total deductions that can be availed of on the NPS contribution are more than Rupees 2 lakhs if all 3 sub-sections are taken into consideration.

This makes the NPS one of the best tax-saving tools available.

Investing in the NPS can help an individual save a substantial amount of net income tax.  

The deductions are applicable to both salaried and self-employed individuals.

Contributions made to the NPS need to be within the overall limit of Rupees 1,50,000 for deductions under Sections 80CCD(1), 80C, and 80CCC.

Check here for more income tax related stories.

Income Tax: Is NPS still the best tax-saving financial instrument?

NPS is one of the best tax-saving tools, allowing individuals to avail deductions of more than Rs. 2 lakhs every financial year. This is possible by contributing to the NPS and claiming the deductions under Section 80CCD of the Income Tax Act.

Recession on the horizon? Follow these 5 steps to rein in your expenses

Rules relating to foreign donations via NEFT, RTGS tweaked: Report

Govt could garner ₹75,000 crore from senior citizen savings scheme: Report

Home insurance: Busting 6 key myths associated with it

What does Warren Buffett thinks of cryptocurrency? All you need to know

4 key investing lessons from Nithin Kamath of Zerodha group

Teach them young: These tips can help children become well-versed in money management

Your Questions Answered: My homemaker wife holds ₹6 lakh in FDs and RDs, does she need to file an I-T return?

Most Indians lack financial planning even as aspirations spike, shows survey

MF central: Manage accounts with multiple fund houses at one unified platform; Here's how

Holding a number of mutual funds in a number of AMCs is not uncommon. It is, therefore, vital to manage all accounts with ease and comfort

Stock Check: JSW Infra jumps almost 100% from IPO price in 5 months; should you still buy?

Currently trading at around ₹236, the newly listed JSW Infra has surged almost 100 percent jump from its IPO price of ₹119 in less than 5 months. Technical and fundamental experts suggest if you should still buy the infra stock.

Axis Mobile App ranks top position on NPS leaderboard

According to a survey, Consumer awareness was most notable for payment platforms such as Paytm, Google Pay, and PhonePe. However, when it comes to Net Promoter Score, Axis Mobile App claims the top position with a score of 59, followed by ICICI Bank's iMobile Pay, and then BHIM.

Weekend Wrap: From Trent to Adani Power, top news and market movers this week: 27 October 2023

The stock market cycle is always a few months ahead of the economic cycle.

From top news makers to market performance, here's the market wrap for the week ended 27 October 2023.

Why rebalancing a portfolio provides a safety net against volatility?

Investing isn't a 'set it and forget it' game.

Rebalancing a portfolio provides a safety net by helping control volatility and minimizing the impact of market downturns, even though it may not always yield higher returns compared to an unbalanced, equity-heavy approach

Income Tax: Is NPS still the best tax-saving financial instrument?

NPS is one of the best tax-saving tools, allowing individuals to avail deductions of more than Rs. 2 lakhs every financial year. This is possible by contributing to the NPS and claiming the deductions under Section 80CCD of the Income Tax Act.

Topics to follow