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of <h1>Finance Bill 2024 Amends Tax Deductions: Section 80CCD Now Allows Up to 14% for Pension Scheme Contributions</h1> Clause 25 of the Finance (No. 2) Bill, 2024, amends section 80CCD of the Income-tax Act, affecting deductions for contributions to the Central Government pension scheme. The amendment allows deductions of up to fourteen percent of salary for contributions made by the Central or State Government, and ten percent for other employers. A new proviso states that if the assessee's income is taxable under section 115BAC(1A), the deduction limit is fourteen percent, regardless of the employer. These changes apply from April 1, 2025, for the assessment year 2025-2026 onwards.
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