80CCD(1B)
jayarathinam (assistant) (51 Points)
17 February 2018
State Govt Employee - regular pension scheme - eligibility for dedn Rs.50000
9 Replies
Ankur Jain
(2 Points)
Replied 17 February 2018
as i think he is eligible for deduction of 50000 irrespective of deduction under 80C
raja sekar
(1435 Points)
Replied 17 February 2018
Regular Pension Scheme- do you mean GPF of tamilnadu state govt? If yes you are not eligible to deduct u/s 80ccd1b
Pranab Banerjee
(Software Maker & Income Tax Practisioner)
(7362 Points)
Replied 17 February 2018
The Income Tax New Section 80CCD(1B) is a separate Pension Scheme which amounts out of 1.5 Lakh in U/s 80C. This Pension Scheme is not related to employees CPF ( Contributory Pension Fund) The Employees Contributory Pension Fund start w.e.f. 1/4/2004.
raja sekar
(1435 Points)
Replied 17 February 2018
Dear Pranab sir
CPS or Contributory Pension Scheme of Tamilnadu is equivalent to NPS of Central government. If an assessee who falls under CPS scheme can deduct their contribution towards CPS u/s 80ccd(1b) if all 80c deductions is more than 1.5 lakhs.
CPS or Contributory Pension Scheme of Tamilnadu is equivalent to NPS of Central government. If an assessee who falls under CPS scheme can deduct their contribution towards CPS u/s 80ccd(1b) if all 80c deductions is more than 1.5 lakhs.
Manoj Kumar Burnwal
(3 Points)
Replied 15 November 2019
It means employee of central govt of old pension scheme (who joined before 01/01/2004) cannot claim deduction u/s 80CCD(1B) despite his contribution to NPS
kumar rayappan
(6 Points)
Replied 09 June 2023
sir,
employee contribution of cps is eligible for 80c and 80ccd(1B)?.That is ( my cps contribution Rs 200000 =10% of pay +10% of DA) can I deduct Rs 150000 in 80c and Rs 50000 in 80ccd(1B) sir?
kumar rayappan
(6 Points)
Replied 17 June 2023
no.,CPS or Contributory Pension Scheme of Tamilnadu is equivalent to NPS of Central government. If an assessee who falls under CPS scheme can deduct their contribution towards CPS u/s 80ccd(1b) if all 80c deductions is more than 1.5 lakhs wrong statement.
you can deduct in 80c/80ccd(1) or 80ccd(1B) .
jacinthamary
(accountant)
(888 Points)
Replied 17 June 2023
Yes. You can deduct. We have already used this method and claimed the deduction.
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