INCOME TAX EXEMPTION FOR SALARIED CLASS IN NEW REGIME

sir

pl let me know whether employee voluntary contribution to NPS in tier i is exempt frpm tax for the f.y 2022 23 in new regime and same for next year fy 2023 24 in new regine also.thank you

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Quick Summary
This discussion clarifies the tax exemption for voluntary employee contributions to NPS Tier 1 within the new tax regime. For FY 2022-23 and FY 2023-24, employee contributions to NPS Tier 1 are not eligible for tax deduction under the new regime. Only the employer's contribution to NPS is allowed for deduction.

Employees contribution not eligible for deduction in New regime.

Only employers' contribution is allowed for deduction.

Let me marrate

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