Investment in NPS (National Pension System)

Tax Glossary Definition

Investment in NPS (National Pension System)

A government-backed pension scheme that allows individuals to build a retirement corpus while enjoying tax benefits. Contributions made to NPS are eligible for deductions under Sections 80CCD(1) and 80CCD(1B) of the Income Tax Act, with an extra deduction of up to ₹50,000 available under Section 80CCD(1B) over and above the ₹1.5 lakh limit covered by Section 80C. Example: An individual investing ₹50,000 in NPS can claim this amount as an additional deduction apart from the Section 80C limit.

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