80ccd(1b)

This query is : Resolved

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).

CA Raj Doshi

CA Raj Doshi (Expert)
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04 August 2020 Mr.X can join NPS until 65 years and continue upto age of 70 years.

Message likes : 1 times

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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09 August 2020 There is an additional tax benefit under section 80CCD(1B) up to Rs 50,000 a financial year.

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