October 13, 2020

Andrew Campbell 

People are suggested to organize their retirement plans to benefit their pension and taxation. 

In India, National Pension System (NPS) offers various options for investors. NPS is launched by the government in 2004 and only for the central government workers. In 2009, NPS was open for all Indians. 

NPS has various benefits and alternations for investors, especially in taxation. Under Section 80C, all self-employed and employees who work in public or private organizations canreceive deductions by their incomes. The deduction for self-employed is 20% of gross income and for salaried individual is 10% of their basic salary with bonus. Under another section, self-employed taxpayers can apply extra deduction for self-contribution. 

In addition to the benefits for taxation, NPS’s retirement options offer various amendable choices for their investors.They include continuing the plan or starting receiving pensions by application.

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