What are the changes introduced towards the deductions for National Pension System (NPS) contributions in the FY 2024-25 budget?

Created by Product Content Team, Modified on Wed, 14 Aug at 11:25 AM by Product Content Team


The National Pension System (NPS) is a retirement savings scheme launched by the Government of India to provide a steady income to individuals after they retire. The budget changes for FY 2024-25 increased the deduction limit for contributions to the New Pension System. 


The new regulations raise the limit to 14% of the employee’s salary. This change applies only to the New Tax regime, enabling employees to get higher tax deductions for their NPS contributions.


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