Is it compulsory to add contribution toward new pension scheme in saving limit of 1 Lac. for income tax calcu
Posted by Financial Advisor | Filed under Tax Savings
new pension scheme by indian government has 10% contribution by govt and 10% by employee and is saved in pension fund. for income tax an individual can save upto 1 lac (PPF, NSC, M. Funds etc).which is deducd from total income while tax calculation. i want to know is it compulsory to add pension fund contribution(both by govt and individual) in personal saving limit of 1 Lac.! it lowers the saving limit of an individual and he has to pay more tax
its not compulsory