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of <h1>Finance Bill 2024: Employer Pension Contribution Deduction Raised to 14% Under Section 36(1)(iva) Effective April 2025.</h1> Clause 12 of the Finance (No. 2) Bill, 2024, amends section 36 of the Income-tax Act, specifically sub-section (1), clause (iva). This amendment increases the allowable deduction for employer contributions to a pension scheme under section 80CCD from ten percent to fourteen percent of an employee's salary for the previous year. This change will be effective from April 1, 2025, and applies to the assessment year 2025-2026 and subsequent years, enhancing the deduction benefits for employers.
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