NPS – Corporate Benefits

Benefits of Corporate NPS for Employees

It is a tax-efficient investment product.

  • Under Section 80CCD (1), NPS subscriber (salaried employees) can claim a deduction on their contribution to NPS of up to 10% of the salary (Basic + Dearness Allowance). This deduction is within the limit of tax deduction U/S 80C
  • Under Section 80CCD (2), the contribution made by employer on behalf of NPS subscriber are tax deductible subject to:
    • Maximum of 10% of the salary (Basic Salary + Dearness Allowance).
    • The total deduction for all retrial contribution made by employer including Provident Fund, Super Annuation Fund and NPS cannot exceed Rs. 7.5 lacs.

  • Section 80CCD (1B, the subscriber can claim tax deduction on an additional self-contribution upto Rs. 50,000/-
  • The tax deductions mentioned above under different sections of the IT Act are exclusive of each other

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