Budget 2024: Higher employers' NPS contribution limit, tax-free annuity income on the wish-list
PFRDA wants the employer NPS contribution limit to be raised from 10 percent to 12 percent. Exempting the principal component of annuity income, too, has been a long-time demand. A vote-on-account is unlikely to accommodate these demands, but the product already offers a plethora of tax breaks, making it an attractive retirement planning tool.
Nirmala Sitharaman Deepak Mohanty National Pension System Pension Fund Regulatory Development Authority Though Finance Minister Nirmala Sitharaman
Source: moneycontrol.com