NPS Declaration
NPS Declaration
Help employees participate in the National Pension Scheme with guided declaration, Section 80CCD tax benefits, and compliant payroll integration.
The NPS (National Pension System) Declaration allows employees to declare their employer’s contribution toward the NPS scheme for a specific financial year. This declaration helps in accurate payroll processing and income tax computation.Employees can enter the amount of employer contribution received under NPS, which will be considered for Section 80CCD(2) tax benefits as per statutory rules.
Enabling NPS in the salary components
You can configure NPS under Tax and Statutory Compliances → Statutory Compliances → NPS.
Click the Edit icon in the right hand corner and update the Calculation Type, Employee share and Employer share and Include the NPS calculation in the arrears.
After updating the required information, click Save to enable NPS.
All standard government rules will be predefined under the NPS Rules tab.
Once NPS is enabled, it will appear under the Retirals section in the Salary Template.
When creating or updating salary templates, ensure that NPS is included for all applicable templates.
After NPS is activated in the employee’s salary details, employees can declare their NPS details directly through the Employee Self Service (ESS) Portal.
Fig: NPS Rules
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