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Nps scheme query

RASHMI P MAHESHWARI (STUDENT) (22 Points)

17 January 2017

If my 80C ceiling limit of Rs. 150000 has Not Exhausted and if my contribution to NPS Scheme is in excess of 10% of my salary. Can I adjust the excess in my 80C ceiling limit?

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3 Replies

Suresh Pai S (Tax Consultant) (1029 Points)
Replied 17 January 2017

Claim the deduction u/s 80CCD(1B). Deduction is allowed up to rs 50000 without any further conditions.

Suresh Pai S (Tax Consultant) (1029 Points)
Replied 17 January 2017

Deduction u/s 80CCD(1B) is over and above the limits of section 80C.

Prashant Sharma (CA) (389 Points)
Replied 17 January 2017

deduction of 10% of salary is allowed us 80CCD(1) which is include in the overall limit of 150000 of 80C i.e. Sec 80CCE

And addition deduction of 50000 is allowed us 80CCD(1B) for NPS