June 20, 2022 05:07 pm | Updated 05:38 pm IST One key reason for the Agnipath scheme, which aims to recruit defence personnel in short-term contracts, could be to reduce increasing pension payments in the Army, Navy, and Air Force. Share of defence budget The chart shows the defence pension budget and the defence R&D budget as a share of …
Contributions made by subscribers to the government’s pension scheme NPS are exempt from income tax. In the Budget 2022, the finance minister Nirmala Sitharaman raised the tax exemption limit on employer’s contribution from 10 percent to 14 percent for state government employees. Exemption on contribution The subscribers of National Pension System can claim tax exemption under section 80CCD within the …
