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of <h1>New NPS Vatsalya Scheme: Tax Deductions Proposed for Minor Accounts Under Section 80CCD, Effective April 2026.</h1> The NPS Vatsalya Scheme, launched on September 18, 2024, allows parents or guardians to open a National Pension Scheme account for minors, transitioning to the child's name at 18. The Union Budget 2025-26 proposes tax deductions under Section 80CCD for contributions to these accounts, up to Rs 50,000 annually. Withdrawals are taxable, except in the event of the minor's death. Partial withdrawals for education, illness, or disability are non-taxable up to 25% of contributions. These changes take effect from April 1, 2026, impacting the assessment year 2026-27 onwards.
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