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NPS investment proof: How to claim income tax deduction

Investment in NPS or National Pension System available to both salaried and self-employed individuals, offers income tax deduction benefits of upto Rs 50,000 in Tier I NPS account in a financial year under Section 80CCD (1B) of the Income Tax Act. This deduction of Rs 50,000 is available over and above the Rs 1.5 lakh allowed under Section 80CCD (1) for investment towards NPS. In order to claim tax benefits, the subscriber can submit the transaction statement as an investment proof, according to the Central Recordkeeping Agency for NPS or the receipt of voluntary contribution from his online NPS account.

Read More at Livemint News date : 12 Jan 2019, Saturday

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