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Apr 12, 2024 · Yes, employer contribution to NPS should be added to gross salary as per Section 17 (1) of the Income tax act. However, you can claim deduction u/s 80CCD (2) , thereby nullifying the effect. FInd out if you should include employer’s contribution to NPS in your taxable salary.
Employer contribution to NPS enhances retirement savings and provides tax benefits for employees. Discover the benefits of NPS employer contributions, including tax savings under Section 80CCD(2).
3 days ago · Employer's contribution towards NPS of an employee is eligible for a tax deduction of up to 10% of salary, i.e. basic plus DA, or 14% of salary if such contribution is made by the Central Government under Section 80CCD(2) beyond the Rs.1.5 lakh limit provided under Section 80CCE.
Employees of Corporates who have adopted NPS can join . Get additional Tax Benefits on employers contribution. Flexibilty in choosing contribution (employer/employee), pension fund etc.
Apr 22, 2024 · What are the tax benefits of NPS to employees on Employer contribution? As per Section 80 CCD(2), if your employer is also contributing to your NPS account, then you can claim a tax deduction of upto 0% of your salary (Basic + DA).
Employer's NPS contribution (for the benefit of employee) up to 10% of salary (Basic + DA), is deductible from taxable income, up-to 7.5 Lakh. Corporates Employer’s Contribution towards NPS up to 10% of salary (Basic + DA) can be deducted as ‘Business Expense’ from their Profit & Loss Account.
Employees contributing to NPS are eligible for following tax benefits on their own contribution: Tax deduction up to 10% of salary (Basic + DA) under section 80 CCD(1) within the overall ceiling of Rs. 1.50 lakh under Sec 80 CCE.
