Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn't have most tax exemptions valid under the Old Tax Regime. CNBC Awaaz reported that the government may make an official announcement to include NPS benefits in the new tax structure, which is expected to be declared at the Interim Budget 2024 scheduled on February 1.
The New Tax Regime is more attractive than the Old Tax System as it offers lower tax rates for respective taxpayers and HUFs. But those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D and more.
To enhance the user-friendliness of the New Tax Regime, the government is considering the option of granting exemptions on NPS investments, similar to the provisions in the previous tax regime. The Pension Fund Regulatory and Development Authority (PFRDA) has reportedly proposed this amendment to the government to make the new income tax system more appealing to taxpayers.
However, under the new tax regime, taxpayers can claim the benefit of employer contributions to their NPS account under section 80CCD(2) of the Income Tax Act. This deduction is restricted to the employer's contribution to NPS made for the benefit of the employee, up to 10 per cent of the employee's salary (Basic + DA).
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