Contribution to Provident Fund
This query is : Resolved
Nikhil Joshi
(Querist)
19 January 2011
Dear Sirs,
A bank Employee,Member of Provident Fund, Switches over to Pension Scheme and contributed Rs 92,000 to Pension Fund, whether this amount is elegible for Rebate U/S 80C of IT Act or any other Sec either as Deduction or Rebate ? Please clarify............Thanks
A bank Employee,Member of Provident Fund, Switches over to Pension Scheme and contributed Rs 92,000 to Pension Fund, whether this amount is elegible for Rebate U/S 80C of IT Act or any other Sec either as Deduction or Rebate ? Please clarify............Thanks
sivasankar
(Expert)
20 January 2011
Sir,
For pension fund contribution deduction is U/s.80-CCC.But for calculating the total investment limit of Rs.1 lac both 80-C and 80-CCC will be considered in total.
In short,1 lac deduction will be calculated using both 80-C and 80-CCC.
For pension fund contribution deduction is U/s.80-CCC.But for calculating the total investment limit of Rs.1 lac both 80-C and 80-CCC will be considered in total.
In short,1 lac deduction will be calculated using both 80-C and 80-CCC.
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