Had he withdrawn the ₹33 lakh he had in the pension fund, Amit Upadhyay would have had to pay ₹10 lakh (30% of ₹33 lakh) in tax, excluding cess and surcharge. Under NPS he can hold it to retirement and withdraw 60% of the money tax-free.
This Pune resident saved ₹10 lakh in tax by transferring his pension fund to NPS
livemint.com - 5 May 2025 12:39
Had he withdrawn the ₹33 lakh he had in the pension fund, Amit Upadhyay would have had to pay ₹10 lakh (30% of ₹33 lakh) in tax, excluding cess and surcharge. Under NPS he can hold it to retirement and withdraw 60% of the money tax-free.
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