80ccd 1b
Ashok Toor (1 Points)
05 November 2018
can we claim the 10% amt contributed through salary to NPS up to 50000 under this section
3 Replies
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 05 November 2018
@ AshokToor
Section 80CCD (1b) allows an additional dedution of upto Rs. 50000/- for the deposit made by tax payer into their NPS Account.
As per Section 80CCD (1) allows deduction of 10% in case of an employee (Salaried Person) or 150000/- whichever is less.
Thanks & Regards
Piyush Tanwar
Semi Qualified CA
9717468521
Rajasekar
(TDS Preparer)
(1447 Points)
Replied 05 November 2018
Yes. If your 80c limit exceeds you can move your NPS contribution to 80ccd(1b)
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 05 November 2018
Dear Ashok,
Sec 80CCD (1b) can be claimed up to max of Rs. 50,000/- only when employee has not claimed deduction under section 80CCD (1) and it's limit is above Rs. 1,50,000/-.
Sec 80CCD (1b) can be claimed up to max of Rs. 50,000/- only when employee has not claimed deduction under section 80CCD (1) and it's limit is above Rs. 1,50,000/-.
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