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of <h1>Finance Bill 2022: Section 80CCD Amendment Raises NPS Deduction Limit for State Employees to 14%, Retroactive to April 2020.</h1> The Finance Bill 2022 proposes an amendment to increase the deduction limit under section 80CCD of the Income Tax Act for state government employees' contributions to the National Pension System (NPS). Previously, contributions by employers other than the Central Government were capped at 10% of an employee's salary for tax deduction purposes. The amendment aligns the deduction limit with the Central Government's 14% cap, applying retrospectively from April 1, 2020. This change ensures state government employees receive full deductions for enhanced contributions, preventing additional tax liabilities for contributions exceeding 10% during the specified period.
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