The Need for Tax Breaks on NPS Contributions to Encourage Retirement Savings
Tax Breaks on NPS Contributions The Pension Fund Regulatory and Development Authority (PFRDA) has urged the Finance Ministry to consider providing tax breaks for contributions to the National Pension System (NPS). This move, similar to the Section 80C deduction in the old tax regime, would incentivize individuals to save for retirement and contribute towards building a pension society in India. The NPS, which was introduced in 2004 as a defined …