UPS to get NPS-like tax benefits
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The finance ministry on Friday said tax benefits as available under the National Pension System , or NPS, shall also be applicable in the Unified Pension Scheme , or UPS - a new pension framework introduced for central government employees from April 1, 2025."In a bid to provide further impetus to the UPS, the government has decided that tax benefits as available under NPS shall apply mutatis mutandis to UPS as it is an option under NPS," the ministry said in a statement.These provisions ensure parity with the existing NPS structure and provide substantial tax relief and incentives to employees opting for UPS. The key benefits under NPS include annual deduction of up to ₹2 lakh for own contributions. The tax benefits on employer contribution include tax deduction up to 10% of salary (Basic + DA) (14% if such contribution is made by the central government) contributed by employer under Section 80 CCD(2) over the limit of ₹1.50 lakh provided under section 80 CCE.
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