dear sir
please clarify 80ccd (1b)
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80 ccd deduction
Replies (6)
Income tax laws allow tax deduction for contributions to NPS under three sections.
First, the employee’s contribution under Section 80CCD(1). This deduction is under the overall Rs 1.5 lakh limit under Section 80C.
Second, up to 10% of the basic salary put into the NPS by the company on behalf of the employee is deductible without any limit.
The third is the Section 80CCD(1B) under which a taxpayer can claim deduction for voluntary contribution of up to Rs 50,000.
Read more at : nps-tax-benefits-sections-80ccd1-80ccd2-and-80ccd1b
Very good reply Mr. Dhirajlal Rambhia Sir
thank you so much sir
If 80ccd2 is claimed as deduction in a FY then the contribution of the employer in the previous FY should be considered as income in current FY. Am I correct? If not clarify in this regards.
under 80CCD( 1b) you can claim deduction upto 50000 which is not included in total limit of 150000
also under 80CCD (2) employers contribution upto 10%of total income is allowed as deduction
also under 80CCD (2) employers contribution upto 10%of total income is allowed as deduction
Also 80ccd(1b) deduction is not allowed to central and state government employees
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