https://www.taxtmi.com/acts?id=49122 Deduction is allowed for employer contributions to a notified Central Government pension scheme up to prescribed percentage limits of salary-higher where the employer is the Central or State Government and lower for other employers, with a substitution of the higher percentage where the individual's income is charged under the specified provision. Individuals may also deduct their own deposits into such pension accounts up to a fixed annual cap, including guardian deposits for minors subject to the aggregate cap; disallowance of double deduction is provided and closure/withdrawal or annuity receipts are taxed in the year of receipt except on death and where an amount is used to purchase an annuity in the same year. en-us Fri, 14 Feb 2025 17:07:15 +0530 Fri, 14 Feb 2025 17:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49122 Deduction is allowed for employer contributions to a notified Central Government pension scheme up to prescribed percentage limits of salary-higher where the employer is the Central or State Government and lower for other employers, with a substitution of the higher percentage where the individual's income is charged under the specified provision. Individuals may also deduct their own deposits into such pension accounts up to a fixed annual cap, including guardian deposits for minors subject to the aggregate cap; disallowance of double deduction is provided and closure/withdrawal or annuity receipts are taxed in the year of receipt except on death and where an amount is used to purchase an annuity in the same year. Act-Rules Bills Fri, 14 Feb 2025 17:07:15 +0530 https://www.taxtmi.com/acts?id=49122