National Pension Scheme: Invest Rs 5,000 monthly and get Rs 1,11,98,471 fund on maturity, check scheme details here

 

National Pension Scheme: If your wife does not have to depend on anyone for money in the future, then you can arrange for regular income for her. You can open a New Pension System (NPS) account in the name of your wife. The NPS account will give a lump sum amount to your wife at the age of 60. Apart from this, you will get the benefit of pension every month. This will be the wife’s regular income. The biggest benefit of NPS Account is that you can decide yourself how much pension you want every month. Your wife will not have any shortage of money at the age of 60.

Open an NPS account in the name of your wife

You can open a New Pension System (National Pension Scheme) account in the name of your wife. You have the option of depositing money every month or year as per your convenience. You can open an NPS account in the name of your wife with just Rs 1,000. The NPS account matures at the age of 60. Under the new rules, if you wish, you can continue running the NPS account till your wife turns 65.

A monthly investment of ₹5000 will create a fund of ₹1.14 crore

Understand this with an example- Your wife is 30 years old and you invest Rs 5000 every month in her NPS account. If she gets 10 percent annual return on the investment, then at the age of 60, she will have a total of Rs 1.12 crore in her account. She will get around Rs 45 lakh out of this. Apart from this, she will start getting pension of around Rs 45,000 every month. She will keep getting this pension for life.

How much will be the lump sum amount and how much pension

Age- 30 years Total investment period- 30 years Monthly contribution- Rs 5,000 Estimated return on investment- 10% Total pension fund- Rs 1,11,98,471 can be withdrawn on maturity Rs 44,79,388 Amount to buy annuity plan. Rs 67,19,083 Estimated annuity rate 8% Monthly pension- Rs 44,793

Fund manager does account management

NPS is the Central Government’s Social Security Scheme. The money you invest in this scheme is managed by professional fund managers. The Central Government gives this responsibility to these professional fund managers. In such a situation, your investment in NPS is completely safe. However, the return on the money you invest under this scheme is not guaranteed. According to financial planners, NPS has given an average return of 10 to 11 percent annually since its inception.

Additional tax exemption is available

National Pension System (NPS) also offers tax benefits such as tax exemption up to Rs 2 lakh and tax exemption on withdrawal of 60% of the amount. NPS is a scheme in which after the limit of Rs 1.5 lakh is exhausted, tax exemption is also available on additional investment of Rs 50 thousand. Due to this extra exemption, you can save up to Rs 2 lakh tax every year in NPS.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more