I work for a Private IT firm and for income tax relief I have my PF and Insurance. Recently i have opened a NPS account and gave a declaration to the company that I want to avail 80CCD(1B). As I was going through other documents on NPS, came across 80CCD(2) which helps to save tax beyond 1.5lks + 50k. I checked with my companies finance team and asked them to start allocating 5% of my Basic + DA to my PRAN number, but I got a reply that they need a minimum of 50 people to start this 80CCD(2).
IIs there any law that 80CCD(2) is dependent on the rules of the company , or is it the right of the employee to have investment in this section. Please advice.
CAclubindia
