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Mihir Tanna |1043 Answers |Ask -Follow

Tax Expert - Answered on Feb 27, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by amit on Feb 03, 2023Hindi

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dear sir, i am a railway employee covered under NPS . presently i am on deputation to PSU under ministry of railways for 3 years.when i am in railways(technically i am) 14% amount given to my NPS account by the railway is wholly tax free,but now PSU which is given same amount i.e. 14% not tax free only 10% of it tax free even though PSU giving same money to railway to credit on my NPS account .please tell whether i will get full employer contribution is tax free or only employer contribution 10% of basic plus DA is tax free? regards amit srivastava

Ans: Deduction is available upto 14% from AY 2020-21 if employer is central/state government employee

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Question by Pranabananda - Sep 22, 2022Hindi

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Sir, I would be grateful if you could provide some clarifications regarding NPS. I am a salaried person. I am getting full tax benefit under 80C for PF and VPF. I am also getting benefit of Rs 50,000 by investing in Tier-I account of NPS. My employer has contributed Rs 2,45,941.40 in my NPS account in 2021-22. Should I get tax benefit on my employer's contribution of Rs 2,45,941.40. Please answer.

Ans: I understand that amount of PF and VPF is sufficient to claim deduction of Rs 1,50,000 u/s 80C and deduction of Rs 50,000 is taken under 80CCD (i.e. upper limit of deduction specified under both sections are taken); you will not be eligible for deduction for employers contribution.

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Tax Expert - Answered on Nov 14, 2022

Question by Amit - Nov 14, 2022Hindi

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I am a central government employee under new pension scheme. Presently I am working in deputation on same ministry in a PSU. My question is that as per central government employee in NPS government contribution is 14% and it is tax free contribution made by government. However, the PSU which is governed by same ministry is contributing 14% but the only 10% amount is tax free and 4% they added in my income and increased my tax liability. What is the rule in this regard and also where I will know you replied my answer

Ans: For NPS contribution by employer, employee is eligible for tax deduction up to 10% of salary (Basic + DA) (14% if such contribution is made by Central Government) contributed by employer under Section 80 CCD (2) over the limit of Rs 1.5 lakh provided under section 80 CCE.

In your case contribution is not made by central government, contribution, contribution above 10% of salary is not eligible for deduction and correctly added to Income.

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