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80ccd & 80 cce confusion

K SIVARAMAN (ACCOUNTANT) (28 Points)

02 March 2015

Sir,

Though the budget 2015 talks of additional deduction of 50,000/- u/s 80CCD,section 80CCE has not been amended to give validity to this additional deduction,as it currently caps all amounts u/s 80C/80CCC and 80CCD to 1.5 lakhs only.Am i wrong in understanding,sir?

K.Sivaraman

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3 Replies

sadashiv Rupchand Gaikwad (Proprietor) (521 Points)
Replied 03 March 2015

Limit of 80C is increased upto 2 lakhs

SSG (1936 Points)
Replied 03 March 2015

Overall cap is still Rs. 1.50 lacs. No change in it.

CA Prashant Kumar Dutt (Account Officer) (32 Points)
Replied 09 March 2015

Well,80CCE=80C+80CCCC+80CCD(1=1A)=150000 Now in the Budget 2015 a new sub section 1B I.e 80CCD(1B) has been introduced so as to provide for sdditional deduction in respect of any amount paid of upto Rs 50000 for contributions made by any individual assesseed under NPS. So its extra benfits as already explained above. for your kind Information Finance (No. 2) Act, 2014, Sub-section (1A) shall be inserted after sub-section (1) of section 80CCD But again in Budget 2015 ,Section 80(1A)=80(1) substituted. So finally 3parts of SEC80CCD : 80CCD(1) 80CCD(1B) 80CCD(2)