Invest NPS Online
As per the budget 2016 proposal, an individual can withdraw 40 per cent of the corpus in National Pension Scheme (NPS) tax-free at the time of retirement.
The budget has not done away with the mandatory provision of using a minimum 40 per cent of the corpus to buy an annuity. It sill exists. Earlier, the individual had the option to use minimum 40 per cent of the corpus to buy an annuity and withdraw 60 per cent of the corpus at the time of retirement, but the withdrawal was taxed as per the Income Tax slab applicable to the individual. Now, he can withdraw 40 per cent of corps tax-free. This is the only change proposed in the budget regarding NPS.
The individual always had the option to use the entire corpus to buy an annuity if she wanted to escape paying taxes at the time of retirement. Now, such an individual just need to use 60 per cent of the corpus to buy annuity to escape tax, as the government is giving her the option to withdraw 40 per cent of the corpus tax-free.
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Top 10 Tax Saving Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
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