About NPS Account:
National Pension System (NPS) is an important milestone in the development of a sustainable and efficient defined contribution pension system in India.
Elite Wealth Advisors Ltd (EWAL) is an PFRDA registered NPS Point of Presence (POPs) for accepting All citizen of India / Corporate Sector NPS applications and their contributions.
National Pension System is now available to all citizens of India with effect from May 1, 2009 and additional investment of Rs.50,000 will be eligible for tax deduction under section 80CCD (1B) of Income Tax Act, 1961.
The section 80CCD provides tax deductions for contribution to the pension schemes notified by Central Government, i.e., National Pension Scheme (NPS) & Atal Pension Yojana (APY). There are two parts or sub-sections of this section namely – section 80CCD(1) & section 80CCD(2).
Note: The maximum deduction as an aggregate of section 80C,80CCC & 80CCD(1) should not exceed Rs. 1,50,000 but after including section 80 CCD(1B), total deduction limit becomes Rs. 2,00,000.