07 January 2016
Dear Sir, My Father is a government teacher, he wants to invest in NPS UNDER SECTION 80CCD(1B) to claim deduction of 50000 for F.Y 2015-16, is he eligible for doing so. Please explain it sir.
07 January 2016
Dear MAnish Section 80ccd read as Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer. Maximum deduction does not exceed,— (a) in the case of an employee, ten per cent of his salary in the previous year; and (b) in any other case, ten per cent of his gross total income in the previous year. shall not exceed fifty thousand rupees:
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