NPS Deduction Boost under New Tax Regime (115BAC)

As per Finance Act (No. 2), 2024:

• Deduction u/s 80CCD(2) now allowed up to 14% of Salary + DA
• Applies regardless of the nature of employment
• Previously capped at 10% for private sector employers

Applicable from AY 2025-26 to individuals opting for 115BAC.

#IncomeTax #NPS #80CCD #TaxDeduction #115BAC #Budget2024 #EfileTax

More tax relief under the new regime (Section 115BAC)

As per Budget 2024, standard deductions have been increased

• Salary income → ₹75,000 (earlier ₹50,000)
• Family pension → ₹25,000 (earlier ₹15,000)

Applies from AY 2025-26 to those opting for the new tax regime.

#TaxUpdate #115BAC #IncomeTax #Budget2024 #efiletax