Can I invest more than 50k in NPS Tier 1 without any tax implication?

sanvar (NA) (54 Points)

01 June 2023  

Dear experts,

1) I understand that under 80CCD(1b), I can invest 50,000 to avail tax exemption. When I checked the NPS retirement planning calculator with my retirement pension objective, it says that I need to contribute 4 lakhs every year to achieve my goal. So,  from a retirement pension  perspective, I would like to contribute more in a financial year - for example, if I invest 4 laksh in NPS Tier 1 every year, is there going to be any tax deduction on the 4 lakh amount or any other tax implication that I should be aware. Please advise?

2)Also please suggest any other investment ares where I can put some amount regularly,