Income Tax Calculation Programme/Software for the Financial Year 2016-2017 AY 2017-2018
The biggest hurdle of NPS is the tax on withdrawal. Because of the tax duringwithdrawal, The NPS subscribers were in disadvantage compared to the EPF and PPF members. Now Government has tried to reduce this anomaly. The 40% withdrawal of NPS would exempt from the tax. Along with this the NPS wealth given to the nominee after the death of subscriber would be 100% exempt from the tax.