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of <h1>Section 124 expands pension deduction rules: employer and guardian contributions, deposit caps, anti-double-claim and tax clarifications</h1> Section 124 allows deduction for employer contributions to Central Government-notified pension schemes (14% of salary for government employers; 10% for other employers, treated as 14% where income is chargeable under s.202(1)), and individual or parent/guardian deposits up to an aggregate Rs.50,000; guardian deposits for a minor are aggregated with the depositor's cap. The Act expands the Bill by expressly including parents, extending the anti-double-claim bar to guardian deposits, adding definitions and scheme-specific references (e.g., Unified Pension Scheme, pool/individual corpus) and clarifying taxability on receipt and certain transfers, tightening interpretive certainty and restricting duplicate deductions.
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