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RKSINGH
08-07-2009, 07:45 PM
10% Government contribution in the NPS is added in the gross salary as well as in deduction under 80C for income tax calculation. The limit of rebate under 80C is only 1 lakh. So, for NPS contributor there are very less scope to get deduction of their other savings in PPF, LIC etc type tax saving schemes.

Why NPS contributors not demanding finance ministry to exclude govenment contribution from gross salary as well as in deduction under 80C for income tax calculation.

jarunan
09-08-2009, 02:22 PM
I am working in Mumbai. I do not have a pension plan from my employer. I am working in a public sector. How to join the new NPS? Whow is the PoP nearest to Chembur? can someone post details?
-j.arunan

mrajeev
05-09-2009, 05:57 AM
10% Government contribution in the NPS is added in the gross salary as well as in deduction under 80C for income tax calculation. The limit of rebate under 80C is only 1 lakh. So, for NPS contributor there are very less scope to get deduction of their other savings in PPF, LIC etc type tax saving schemes.

Why NPS contributors not demanding finance ministry to exclude govenment contribution from gross salary as well as in deduction under 80C for income tax calculation.

To my knowledge, the NPS contribution upto 10% by the Government is not included in the INCOME but INCLUDED IN THE EXEMPTION under 80CC. Please go through the CBDT Circular dated 30/09/2008 regarding Deduction of Tax at Source

sunil_43
02-03-2011, 09:23 PM
10% Government contribution in the NPS is added in the gross salary as well as in deduction under 80C for income tax calculation. The limit of rebate under 80C is only 1 lakh. So, for NPS contributor there are very less scope to get deduction of their other savings in PPF, LIC etc type tax saving schemes.

Why NPS contributors not demanding finance ministry to exclude govenment contribution from gross salary as well as in deduction under 80C for income tax calculation.

there is finally some relief announced in this budget. employer contribution amount will be allowed tax deduction beyond the 1 lac currently allowed in section 80CC. an amendment will follow soon in this regard.

jaleelethiyil
03-03-2011, 07:13 PM
Sir,
Whether employer's contribution will add to income for calculating taxable income or not.

tohariom
24-02-2014, 02:22 PM
Please confirm whether the contribution of government as employer towards NPS 10% shall be treated as taxable income or not. please attach circular also if any

SASI
25-02-2014, 07:17 PM
Contribution of Government as Employer in NPS @10% will be treated as income. This amount will also be treated as deduction under 80CCD(2). The deduction will not be subjected to the limit of Rs.1,00,000 allowed under 80(c).See Income Tax Circular 08/2013 dt 10-10-2013.

SASI