National Pension Scheme is a retirement policy initiated by the Government of India to help out citizens facilitate a regular income after their retirement. Pension Fund Regulatory and Development Authority is the regulatory body of NPS. This is the meaning of what is National Pension Scheme in simple terms.
What is NPS: Features and Benefits
NPS Trust ensures adherence to the regulations through strict monitoring.
You can invest in your NPS account at any time, any amount.
You can get a flexible plan to choose or change your Point of Presence, investment pattern, and fund manager. This makes sure that you can optimize your return according to your comfortability with various asset classes including Equity, Corporate Bonds, Government Securities and Alternate Assets and fund managers.
It is one of the most beneficial and low-cost investment products available.
NPS account or Permanent Retirement Account Number (PRAN) will remain unchanged even if you change your job and move to a different city or state.
If you have an NPS National Pension Scheme then you can easily transfer your Superannuation funds to an NPS account without any tax implication.
You can claim tax benefits with NPS accounts.
You can claim up to 1.5 lakh for NPS if you contribute to NPS. This clause falls under 80CCD(1) which is a part of 80C.
You can claim up to 10% of your salary under section 80CCD(1). The limit for the self-employed taxpayer is up to 20% of the gross income.
80CCD(2) covers the employer's NPS which is not a part of Section 80C. You cannot avail of this benefit if you are a self-employed person
I hope you know what is National Pension Scheme or what is NPS now.
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Can We Take Loan On NPS?
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What is national pension scheme?
Debon
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2 Year
2022-02-08T09:58:44+00:00 2023-07-27T13:53:25+00:00Comment
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