Retirement planning is an important aspect of achieving financial security by the time you grow old. NPS or National Pension Scheme is a retirement savings scheme and investing in it can help you claim tax benefits.
Tax benefits of NPS under the new regime
Salaried employees can claim a deduction under Section 80CCD (2) for NPS contributions made by their employer.
Tax benefits of NPS under the old regime
Under the old tax regime, you can claim a deduction under three sections:
- 80CCD (1): Covers your contributions, grouped with other 80C deductions like PPF
- 80CCD (1B): Additional deduction up to ₹50,000
- 80CCD (2): Employer contributions
Steps to Claim the Deduction
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