The Union Finance Minister Nirmala Sitharaman announced in Budget 2022 that State Government employees can now avail a tax benefit of 14% on their employers’ NPS contribution. Only Central Government employees could avail a tax benefit of 14% for the employers’ contribution to the National Pension Scheme till now.  This hike in tax benefit limit will be effective from the fiscal year 2022-23 and will help State Government employees to save on their income tax. Go through the following sections to know more.  Tax deduction benefits for NPS contribution The decision to raise the limit for tax deduction on ...Read more

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