80ccd(1b)

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This query is : Resolved

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This discussion clarifies the eligibility for the additional NPS deduction under Section 80CCD(1B). Senior citizens can contribute to NPS and claim an extra deduction of up to Rs 50,000 per financial year. This is separate from the general deduction under 80CCD(1) and the overall limit under 80CCE.

K BHEEMA REDDY

K BHEEMA REDDY (Querist)
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01 August 2020 Dear sir,
Mr.x age is Senior citizen and he want to contribute to NPS to claim additional deduction u/s 80ccd(1b).
If contributed additional deduction Rs 50000 is available or not.

Thanks in advance.
Regards,
Bheema Reddy.

c.bakshi

c.bakshi (Expert)
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02 August 2020 Amount contributed to pension scheme or 10% of salary/gross total income*, whichever is less (subject to ceiling limit of Rs. 1,50,000 as provided under Section 80CCE) shall be allowed as deduction under section 80CCD(1).