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This section covers deduction for employer contributions to the nps. Deduction on nps contribution made by employer under section 80ccd (2) Since only employer's contribution is allowed under this section, self employed individuals cannot.
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Section 80ccd (2) provides deduction for nps contribution amount made by the employer. Under the old tax regime, section 80 ccd (1b) allows a deduction of ₹50,000 for your contributions to nps. Under the income tax act, 1961, individuals can reduce their taxable income by investing in the national pension scheme (nps), which is covered under section 80ccd.
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This contribution is firstly added in salary income and later allowed as.
Here are the key points to consider: However, employer contributions of up to 14% of your basic salary are. Understanding the 80ccd (2) in new tax regime is very important for salaried individuals. This deduction is allowed over and above section 80 ccd (1).
While sections80c,80ccc, andsection 80ccd (1) provide tax benefits for an individual’sown contributions to various schemes including nps,section 80ccd (2) deals. Under the revised rules, employee contributions to the nps are not eligible for tax deduction in the new tax regime. 80ccd (2) relates to the deduction of employer’s contribution to new pension scheme (nps). Under this section, taxpayers can claim a deduction for up to 10% of their salary contributed by their.
