One of the major proposals for individual taxpayers is the Rs 50,000 additional deduction for contributing to the New Pension Scheme, also called the National Pension Scheme (NPS). According to the FM, "to provide social safety net and the facility of pension to individuals, an additional deduction of Rs 50,000 is proposed to be provided for contribution to the New Pension Scheme under Section 80CCD.This will enable India to become a pensioned society instead of a pension less society".

Given the changing natures of economic and social structure in India, the absence of a government-backed social safety net and the rising life expectancy, the need for individuals to build a large retirement corpus is very high.

Financial planners say although the NPS has some in-built disadvantages, in the absence of expert financial planning help, an individual can opt for NPS to build a large retirement corpus.

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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