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of <h1>Pension Scheme Contributions Under Clause 124: Tax Deductions for Employers and Individuals Up to Fifty Thousand Rupees</h1> The Income Tax Bill, 2025's Clause 124 and current Section 80CCD both provide tax deductions for pension scheme contributions. Clause 124 allows deductions for employer contributions (14% for government employers, 10% for others) and individual contributions up to fifty thousand rupees. The bill introduces refinements including explicit provisions for minors' accounts, clearer exceptions for nominees upon death of the contributor, and enhanced deduction caps for non-government employers under specific conditions. Withdrawals are generally taxable except when received by nominees following death or when used to purchase annuity plans in the same tax year. These provisions aim to promote retirement savings through targeted tax incentives.
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