We hope that prudence and not populist measures will guide the Finance Minister.
You can use various deductions enlisted in the Income Tax Act to save your income tax liability.
The new rules will help the account holders to earn high pension in the long term. This also eliminates short term approach of some investors
Individual tax payers can reduce their tax liability by making their employers contribute more in new pension scheme as the limit has been enhanced to Rs 1.5 lakh as compared to Rs 1 lakh previous year.
Investments in mutual fund linked retirement plans should be considered for income tax deduction under section 80CCD of the Income Tax Act. RGESS may be enhanced and investment limit under section 80C should be increased.
Arnav Pandya analyses benefits of National Pension Scheme (NPS) and advises one to remain worry free as the process of investing is more important.