The Budget has made an additional tax break of Rs. 50,000 into the NPS investment
Mutual fund houses have said that tax benefits for retirement products should be provided on the lines of the New Pension System (NPS) as they are planning to enter pension funds sector, according to a media report.
The Budget 2015-16 has made an additional tax break of Rs. 50,000 into the NPS investment under section 80CC(D) of the Income Tax Act 1961.
Currently, three MF houses, out of a total of 45, are having products in the pension segment. These include UTI MF, Franklin Templeton and Reliance Mutual Fund.
The central government had launched New Pension System (NPS) on 1st May 2009 and Pension Fund Regulatory and Development Authority (PFRDA) is the regulator.
Mutual fund houses have said that tax benefits for retirement products should be provided on the lines of the New Pension System (NPS) as they are planning to enter pension funds sector, according to a media report.The Budget 2015-16 has made an additional tax break of Rs. 50,000 into the NPS investment under section 80CC(D) of the Income Tax Act 1961.
Currently, three MF houses, out of a total of 45, are having products in the pension segment. These include UTI MF, Franklin Templeton and Reliance Mutual Fund.
The central government had launched New Pension System (NPS) on 1st May 2009 and Pension Fund Regulatory and Development Authority (PFRDA) is the regulator.
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