Deduction for employer pension contributions: higher salary-based cap applies where total income is taxed under the alternative tax regime. The Bill inserts a proviso to the pension deduction provision so that where an assessee's total income is chargeable under the alternative tax regime, the employer contribution deduction is allowed up to the higher salary-based cap normally applicable to government employers, with effect from the specified fiscal year and applying to the corresponding assessment year and subsequent years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for employer pension contributions: higher salary-based cap applies where total income is taxed under the alternative tax regime.
The Bill inserts a proviso to the pension deduction provision so that where an assessee's total income is chargeable under the alternative tax regime, the employer contribution deduction is allowed up to the higher salary-based cap normally applicable to government employers, with effect from the specified fiscal year and applying to the corresponding assessment year and subsequent years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
