Question: I am planning to contribute a certain amount to NPS every year. Please let me know if I shall get any tax benefits for my contributions to NPS. I heard that in the recent budget rules relating to NPS have been changed. Please guide me. Shyam Ahuja, Mumbai
Answer: Dear Mr. Ahuja, if you have shifted to the new tax regime then you will not get any income tax benefit for your contribution to NPS if you are a non-salaried income taxpayer like a businessman or a self-employed professional, consultant etc. Also, if you are a salaried employee, you will get the tax benefit for contribution to NPS only when your employer agrees to contribute an amount up to 14% of your basic salary to your NPS account.
Please Note that earlier this benefit was restricted to 10% of the basic salary which has now been increased to 14% of basic salary in the last budget announced on 23rd July 2024.
Question: I attended your financial planning webinar sometime last year where you were recommending investment in Sovereign Gold bonds. Please let me know when the government is going to issue Sovereign Gold Bonds to the general public now. Do you still recommend it? Swati Dubey, Indore
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