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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