My company pays me Basic, HRA, Medical, Special allowance which are all just common to all..
I have contributed 1.5 lakhs to PPF and 50,000 to NPS to max out the 80c and 80ccd(1b) benefits for FY 2015-16..
I also have a component "In Lieu of Super Annuation Fund" in my package which is exactly 6% of my basic salary.. It is paid every month to me as part of my salary..
What is that component? Is it possible to invest that money in some super annuation fund and get tax exemption? If so, what are those funds and is NPS part of it? Can I make contribution now to save some tax? I am on the 30% slab.. So any way to save more tax will be very helpful.. PLease let me know..
Also, as per budget yesterday, it seems like govt has increased the Tax exemption to Rs 1.5L under superannuation fund from 1L.. I have no idea what that is too.. :(
Thanks !! 1st March 2016 From India, Bengaluru