{"id":27951,"date":"2023-01-31T08:27:27","date_gmt":"2023-01-31T08:27:27","guid":{"rendered":"https:\/\/todaysnews.in\/daily-updates\/?p=27951"},"modified":"2023-01-31T23:49:34","modified_gmt":"2023-01-31T23:49:34","slug":"nps-is-the-most-powerful-retirement-scheme-tax-saving-tool-in-india-here-are-the-reasons-and-benefits","status":"publish","type":"post","link":"https:\/\/todaysnews.in\/daily-updates\/nps-is-the-most-powerful-retirement-scheme-tax-saving-tool-in-india-here-are-the-reasons-and-benefits\/","title":{"rendered":"NPS is the Most Powerful Retirement Scheme &#038; Tax Saving Tool in India \u2013 Here are the Reasons and Benefits"},"content":{"rendered":"<p>National Pension Scheme (NPS) is managed by Pension Fund Regulatory and Development Authority (PFRDA), this is one of the powerful retirement scheme in the country in 2023.<\/p>\n<p>When it comes for savings and investment choices in India often rotate around tax schemes &amp;\u00a0 short or medium- term financial targets for example, it can be for home purchase, children\u2019s education, daughter marriage, insurance- health facilities.<\/p>\n<p>In NPS, any Indian Citizen in the age group of 18 to 70 years can start an <a href=\"https:\/\/en.wikipedia.org\/wiki\/National_Pension_System\">NPS<\/a> account, it can be online or offline via a point of presence (POP) Centre.<\/p>\n<p>After opening the Account the holder receives a 12- digit unique PRAN that is Permanent Retirement Account Number to utilize the account in an easy way.<\/p>\n<p>The amount can be invested as per the Account owner choice they can select professionally- managed Pension Funds that are connected to markets and get the benefits of exclusive tax profits, good returns &amp; fund security.<\/p>\n<p>Also Read :-<a href=\"https:\/\/todaysnews.in\/daily-updates\/mha-ib-recruitment-2023-apply-for-1675-sa-mts-posts-check-details\/\" rel=\"bookmark\">MHA IB Recruitment 2023: Apply for 1675 SA, MTS Posts \u2013 Check Details<\/a><\/p>\n<h2>Check the Benefits of this Scheme<\/h2>\n<p><strong>1. Tax benefits on self- contribution \u2013<\/strong><\/p>\n<p>The absolute tax benefits with NPS is exemption. The account owner gets double benefits on self- contribution, 1st his contribution and 2nd Corpus growth.<\/p>\n<ul>\n<li>\u00a0Up to Rs 50,000 under section 80 CCD(1B)<\/li>\n<li>\u00a0Up to Rs 1,50,000 under section 80 CCE,<\/li>\n<\/ul>\n<p>(Thus, sum total rebate of Rs 2 lakh. An employee with highest income tax bracket saves Rs 15,000 in tax at the rate of 30 percent, aside from 4 percent education cess, by contributing Rs 50,000 every year).<\/p>\n<p><strong>2. Tax benefits on Employer\u2019s contribution \u2013<\/strong><\/p>\n<p>A person getting his salary is still eligible for benefits on contribution to NPS. They get tax deduction up to 10 percent of their salary.<\/p>\n<p><strong>3. Cost effective long term pension investment \u2013<\/strong><\/p>\n<p>NPS management cost is less than mutual funds that varies up to 1.5% to 2%. The entry or withdrawal NPS expenses are covered at 0.125% of corpus, which is Rs 125 to Rs 500. The subscriber\u2019s registration amount to Rs 200 to Rs 400 and subsequent contributions are charged at minimum amount of RS 30 or 0.50%.<\/p>\n<p><strong>4. Diversification and Flexibility \u2013<\/strong><\/p>\n<p>Account holders gets many choices and enjoy Flexibility i.e. choice of Fund manager, asset allocation and movability \u2013 subscribers can select the Fund choices they are \u2013<\/p>\n<ul>\n<li>SBI Pension Funds Pvt Ltd<\/li>\n<li>\u00a0Birla Sun Life Pension management Ltd<\/li>\n<li>\u00a0HDFC Pension Fund Ltd<\/li>\n<li>\u00a0Kotak Mahindra Pension Fund Ltd<\/li>\n<li>\u00a0ICICI Prudential Pension Funds Management Co Ltd<\/li>\n<li>\u00a0UTI Retirement Solutions Ltd<\/li>\n<li>\u00a0LIC Pension Fund Ltd.<\/li>\n<\/ul>\n<p><strong>5. Withdrawal \u2013<\/strong> Entire investor can make 3 partial withdrawals with no tax liability during lifespan for up to 25% of self-contribution for marriage, education, buying home, medical treatment etc.<\/p>\n<h2>Conclusion<\/h2>\n<p>India is now shifting to become a pensioned society, it is important to take a good majors to improve country\u2019s pension goals.<\/p>\n<p>In 2023, NPS is India\u2019s safest retirement bet so that citizens can save &amp; invest sensibly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Pension Scheme (NPS) is managed by Pension Fund Regulatory and Development Authority (PFRDA), this is one of the powerful retirement scheme in the country<\/p>\n","protected":false},"author":1,"featured_media":27956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[51],"tags":[431,432],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NPS is the Most Powerful Retirement Scheme &amp; 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