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National Pension Scheme, also known as NPS, is a quasi-EET instrument in India where 40% of the corpus escapes tax at maturity, while 60% of the corpus is taxable. Of the 60% taxable corpus, 40% is tax-exempt as it has to be compulsorily used to purchase an annuity. The annuity income will be taxed, though. The remaining 20% alone will now be taxed at slab rates on withdrawal. From 2016, an additional tax benefit of Rs 50,000 under Section 80CCD(1b) is provided under NPS, which is over the Rs 1.5 lakh exemption of Section 80C. Fund management and asset allocation are important parts of NPS. NPS is considered one of the best best tax saving instrument, after 40% of the corpus was made tax-free at the time of maturity and it is ranked just below Equity-linked savings scheme(ELSS). NPS offers subscribers a choice of two record keeping agencies: NCRA (NSDL-CRA) and KCRA (Karvy-CRA). In 2017 Union budget of India, 25% exemption of the contribution made by an employee has been announced as a form of premature partial withdrawal in NPS. This amendment will take effect on 1 April, 2018 and will, accordingly, apply in relation to the assessment year 2018-19. NPS is a market-linked annuity product.
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