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nps tire 1 nps tire 2
what is the difference between tire 1 and tire 2 nps account.is contribution in tire 2 taxable or not?????
Replies (2)
Tier I NPS account is for retirement pension corpus, eligible for tax savings u/s. 80CCD(1b) of IT act, upto Rs. 50,000/ investment per year.
While NPS Tier 2 account as an open-ended mutual fund. There are no tax benefits either for investment in it. & there are no restrictions on withdrawal from NPS Tier 2 account.
So, for tax savings and pension scheme, NPS I account is referred to.
For Details refer: nsdl/all-fabout-nps
invest made in NPS tier 2 is not eligible for deduction under 80C hence fully taxable...
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