Sir, I am having an NPS tier 1 account and since last five years an amount to an extent of ten percent of my salary has been deposited into this account. At the same time the govt also deposits an equal amount of money in this account.. Now I would like to know whether the whole amount will be taken as invested money or only half of it ?
Further presently my contribution for this month into NPS is 3800 and a same amount has Been deposited by Govt.. And every year an amount to an extent of rs 600 has been increased into this account as deposit in the form of step up in total .. Again at first the total amount contributed in this account by both was 3900.. The rate at which the deposit is increasing is 11%.. I am left with 26 years of service..
Keeping these information into consideration could u kindly calculate and mention as to how much pension can be provided as per rules of NPS scheme…
The contribution from your income is considered for deduction under Sec.80 CCD (1) (maximum of 10% of your salary). Employer contribution will be claimed for deduction in Sec.80 CCD(2) (maximum of 10% of your salary). You can’t show your employer contribution as your income.
Regarding calculation, HDFC Pension created an online calculator. Use the same.