80 ccd - national pension scheme and 80 cce benefit
Querist : Anonymous
One of our employee has declared his 80 CCE declarations upto Rs 1,21,000/- and he has declared Rs 74,000/- as National Pension amount. Should he be given overall benefit of Rs 1,95,000/- or Rs 1,71,000/- ( as overall capping for NPS is Rs 50,000/- for 80 CCD).
Kindly help with the relevant article in Budget 2016.
Thanks in advance ! !
Querist : Anonymous
So, deduction of Rs 50K under Section 80CCD (1B) is over and above the limit of Rs 1.5 lacs.
80C,80CCC & 80CCD(1) Max. amount will be 1.50 Lacs as deduction
80CCD(1B) will be additional deduction of Rs. 50K as deduction
So Total Deduction will be 2.00 Lacs as deduction
I.e you can bifurcate 80CCD (1) and 80CCD(1B) amount for your benefits but you have to take max. deduction amount of Rs. 50000/- in 80CCD(1B) not more than that.
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