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80CCD(1B)
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.
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.
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?
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) .
Yes. You can deduct. We have already used this method and claimed the deduction.
I invested and claimed deduction u/s Section 80CCD(1B) for last 5 years. I withdrew all of the amount from the tier I NPS account as the amount was below 2 lakhs and the system allowed the withdrawal. My query is whether this withdrawal is taxable in current year or exempt from tax? if exempt then provide specific section or clause under which it is exempt.
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