I am working in a bank and I am covered under NPS by the govt scheme. My monthly contribution is ₹3,600 and it is matched by the bank. I have tax-saving investments , including NPS worth ₹1.5 lakh. Please tell me how I can get additional ₹50,000 deduction in NPS.
- Vinay Jawa
Budget 2015-16 announced an additional deduction of upto ₹50,000 on individual's self investment under Sec 80CCD(1B). Your contribution as an employee gets deducted out of your salary and invested into NPS. In order to claim additional deduction, you need to submit duly filled NPS Contribution Instruction Slip (NCIS) and investment amount by way of cheque, demand draft or cash to point of presence (POP) appointed by PFRDA. For nearest POPs, visit the link https://npscra.nsdl.co.in/pop-sp.php.
This article was originally published on September 02, 2015.
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