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Monday, November 28, 2016

Invest in NPS for Extra Tax Benefit


Extra tax benefit for NPS

The total tax exemption under Section 80C, including the NPS contribution, cannot exceed Rs 2 lakh




Tax contribution on NPS does not work the way you have interpreted. As a central government employee, you have to make a mandatory contribution to NPS, which is matched by your employer. Your own contributions are covered under Section 80CCD(1) and your employer's contributions are covered under Section 80CCD(2). The additional tax deduction of 50,000 on individual contributions are covered under Section 80CCD(1B) which is for Tier 1 account only. So calculate the balance amount after deducting your own NPS contribution and your employer's contribution.

This balance amount you can invest in other tax saving instruments like ELSS with the total amount not exceeding 2 lakh under section of 80C. The total deduction including the NPS contribution cannot exceed 2 Lakh. NPS contributions to Tier 2 account do not get any tax deductions.



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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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