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of <h1>Finance Bill 2020 introduces INR 7.5 lakh cap on employer contributions to provident, superannuation, and pension funds.</h1> The Finance Bill 2020 proposes changes to the tax treatment of employer contributions to recognized provident funds, superannuation funds, and the National Pension Scheme (NPS). Currently, contributions exceeding certain limits are taxable, but there is no combined cap, which disproportionately benefits high-income employees. To address this, a combined annual cap of INR 7.5 lakh is proposed for employer contributions to these funds, with any excess being taxable. Additionally, annual accretions related to employer contributions will be treated as perquisites. These changes aim to ensure equitable tax treatment and will be effective from April 1, 2021, for the assessment year 2021-22 onwards.
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