Deduction of cpa/cpd on form 16
This query is : Resolved
RAJESH BHARDWAJ
(Querist)
29 April 2013
I M A GOVT.SERVENT UNDER NEW PENSION SCHEME. I HAVE RECEIVED RS 42569 AS GOVT SHARE (CPA) AND SAME IS EMPLOYEE SHARE. CPD IS RS 85138
Q1. IS CPA IS DEDUCTIBLE UNDER SECTION 10 ?
Q2. WHAT AMT SHOULD BE DEDUCTED UNDER SECTION 80 ? CPA OR CPD
THX
Q1. IS CPA IS DEDUCTIBLE UNDER SECTION 10 ?
Q2. WHAT AMT SHOULD BE DEDUCTED UNDER SECTION 80 ? CPA OR CPD
THX
CA Bijal Shah
(Expert)
30 April 2013
Uncommuted pension (i.e, periodical payment) is taxable for all employees.
1.Contribution by the employer in the notified scheme (in case of you govt.) will be taxable as salary.
2.such contribution is deductible (to the extent of 10% of the salary) under sec.80CCD
3.Employee's contribution is also deductible (to the extent of 10% of the salary) under sec.80CCD
Here for 10% salary = 10% of (Basic + DA)
1.Contribution by the employer in the notified scheme (in case of you govt.) will be taxable as salary.
2.such contribution is deductible (to the extent of 10% of the salary) under sec.80CCD
3.Employee's contribution is also deductible (to the extent of 10% of the salary) under sec.80CCD
Here for 10% salary = 10% of (Basic + DA)
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