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Mihir Tanna |801 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Naresh on Feb 02, 2023Hindi

post budget, Is deduction under section 80CCD(2)-employer contribution under NPS admissible under new tax regime? Should employer contribution be treated as Income?

Ans: Deduction of NPS u/s 80CCD(2) will continue to available under new tax regime even after proposal of Budget 2023. Further, employer contribution is part of salary and deduction is available in 80CCD

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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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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Under the new tax regime, will we be able to claim deduction under section 80 CCD(2), that is, employer’s contribution to NPS? Or will that be taxable under new scheme?

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Under new tax regime, NPS contribution u/s 80 CCD2 is eligible for deduction. Please clarify.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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