Extra tax benefit for NPS
The total tax exemption under Section 80C, including the NPS contribution, cannot exceed Rs 2 lakh
Tax contribution on NPS does not work the way you have interpreted. As a central government employee, you have to make a mandatory contribution to NPS, which is matched by your employer. Your own contributions are covered under Section 80CCD(1) and your employer's contributions are covered under Section 80CCD(2). The additional tax deduction of 50,000 on individual contributions are covered under Section 80CCD(1B) which is for Tier 1 account only. So calculate the balance amount after deducting your own NPS contribution and your employer's contribution.
This balance amount you can invest in other tax saving instruments like ELSS with the total amount not exceeding 2 lakh under section of 80C. The total deduction including the NPS contribution cannot exceed 2 Lakh. NPS contributions to Tier 2 account do not get any tax deductions.
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