Deduction Under Section 80 C, 80CCC, 80CCD(1), 80CCD(1B)

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This discussion clarifies tax deductions under Sections 80C, 80CCC, and 80CCD for investments like LIC, PPF, and the New Pension Scheme (NPS). It explains how to claim deductions for personal contributions up to Rs. 1.5 lakh under 80C/80CCC/80CCD(1) and an additional Rs. 50,000 under 80CCD(1B) for NPS. Employer contributions to NPS are deductible under Section 80CCD(2).

Sanjay

Sanjay (Querist)

21 January 2023 Sir,

Please solve my below query my one relative is working in Public Sector O she invested Rs. 36000 in LIC, Rs. 120000 in PPF, New Pension Scheme Rs. 73400 her contribution and employer contribution is Rs. 103440/- for New Pension scheme .
Kindly guide me what are the above deduction amount show in deduction section i.e Section 80 C, 8CCC, 80CCD(1) & 80CCD(1B) applicable for her

Thanks & Regards
sanjay

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

21 January 2023 Sec. 80C deduction [including Sec. 80 CC/D(1)] ... is Rs. 1,50,000/- (PPF & LIC)
Sec. 80CCD(1B) ...deduction Rs. 50,000/- (NPS)
Employers contribution to NPS is deductible u/s. 80CCD(2) of the act..

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Sanjay

Sanjay (Querist)

21 January 2023 Sir,
Sec 80CCD(1B) shall i shown additional Deduction of Rs. 50000/- for above case

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

21 January 2023 Yes. Total deduction for the case will be 1.50 +0.50 = 2.00 lakhs

Sanjay

Sanjay (Querist)

21 January 2023 Thanks sir for your valuable information

Dhirajlal Rambhia