Deduction under nps
This query is : Resolved
MD. MASFIQUAL HUSSAIN
(Querist)
27 February 2018
1.I am a State Govt. employee & contributed Rs.74,000/- annually from my salary to the NPS account (Tire 1) i.e. 10% of salary (Basic + DA) for the FY 2017-18
2.My employer also contributed Rs.74,000/- annually to my NPS account (Tire 1) i.e. 10% of salary (Basic + DA) for the FY 2017-18
3.Now how much can I deduct U/S 80 CCD (1),80 CCD (2) & 80 CCD (1B) respectively for the FY 2017-18?
2.My employer also contributed Rs.74,000/- annually to my NPS account (Tire 1) i.e. 10% of salary (Basic + DA) for the FY 2017-18
3.Now how much can I deduct U/S 80 CCD (1),80 CCD (2) & 80 CCD (1B) respectively for the FY 2017-18?
K Srinivas, CMA CS
(Expert)
27 February 2018
You can claim your contribution of RS 74000 in 80CCD (1), Employer contribution of RS 74000 in 80CCD (2). Since the contribution is less than RS.1.50 lacs, deduction u/s 80CCD(1B) is not available
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