Employer pension contribution deduction increased, expanding allowable employer deduction under income-tax provisions for future assessment years. The amendment raises the allowable employer deduction for contributions to an employee's pension scheme from ten per cent. to fourteen per cent. of the employee's salary for the previous year, expanding the deductible employer contribution when computing income under the head Profits and gains of business or profession, and applies from the specified commencement financial year for the corresponding assessment year and subsequent years.
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Employer pension contribution deduction increased, expanding allowable employer deduction under income-tax provisions for future assessment years.
The amendment raises the allowable employer deduction for contributions to an employee's pension scheme from ten per cent. to fourteen per cent. of the employee's salary for the previous year, expanding the deductible employer contribution when computing income under the head Profits and gains of business or profession, and applies from the specified commencement financial year for the corresponding assessment year and subsequent years.
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