How to save extra tax under section 80C
What is Nation Pension System?
Nation Pension System is a specialized division under the pension fund regulatory and development authority jusdirition under the ministry of Finance under the government of India, in another sense national pension system is a social security initiative by the government of India, it’s open for employee public, private and non-organized sector.
NPS is a popular scheme of the Government of India under the private sector employee, as per the PTI news total subscriber November 2021 is 4.76 Crores, whereas one year ago end of November 2020, it was 3.88 crores.
What is Atal Pension Yojana (APY)?
Atal Pension Yojana is also known as Swavalamban Yojana is a government-backed pension scheme in India. it’s better for the non-organized sector. it was mentioned in the speech of budget Finance Minister Late Arun Jaitly in 2015. it was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata.
The reason for the popularity of the National Pension System is that its regulation is in hands of the government, as well as it a give extra tax saving on deposits of Rs 50,000/- in a year. this tax saving is different from the exemption available under section 80(C) of the Income Tax Act.