80ccd(1b)
This query is : Resolved
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.
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.
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).
04 August 2020
Mr.X can join NPS until 65 years and continue upto age of 70 years.
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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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