I have a very basic doubt regaring NPS tax claim, lets consider the following sceanrio
Total Salary : 700000
Deductions under 80C(LIC, PPF,...): 150000
Contribution towards NPS 80CCD: 50000
Total deductions : 200000
Net Taxable income : 500000
Is my above calculation correct?. If i contribute 50k into NPS per year, will i be able to claim in under 80CCD(1B) directly?
CAclubindia
