80CCD1B .additional benefit for nps subscribers

352 views
User Avatar

Mechanical
215 Points Posted on 19 November 2020
My salary contribution to NPS is one Lakh and I have one lakh 80C savings(F.D,insurance premiums etc)

Can I add the excess amount after (80C =1.5lakh limit ) in 80CCD 1B. ?

Please give me an answer.🙏
0 Reply Share Follow
On 19 November 2020 at 20:24 Report
Replies (2)
Quick Summary
This discussion clarifies how National Pension System (NPS) subscribers can claim an additional tax deduction of up to Rs. 50,000 under Section 80CCD(1B). This benefit is available over and above the Rs. 1.5 lakh limit under Section 80C. Even if your employer deducts NPS contributions from your salary, you can still utilise this section for excess savings like FDs or insurance premiums to further reduce your taxable income.

User Avatar

Accountant
3662 Points Posted on 19 November 2020
Yes,

You can

Maximum deduction allowed Rs. 200000

80C - 150000

Additional NPS Contribution - 50000
Reply
On 19 November 2020 at 20:52
User Avatar

Mechanical
215 Points Posted on 21 November 2020
In the internet. it says that 80CCD 1B is EXTRA voluntary contribution to NPS, But my employer is deducting from my salary as usual.So
is it right to add the excess savings (such as insurance premium, FD etc )in the 80CCD1B
Please clarify.?
1 Reply
On 21 November 2020 at 20:34

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Last Date To Fill ITR For Non-Audit Case
  2. Guidance Required on Filing Fresh Registration und
  3. IT Return Refund Status AY 2026-27
  4. Clarification Regarding Income Tax Demand Notice
  5. Online PAN Download: Check How?
  6. Demand of Late fee/Interest under section 75 of GS
  7. DSC registration on TRACES portal
  8. Can we get registered for MCA if we get a Virtual
  9. DONATION PAYMENT REG
  10. GST IDS Refund – Statement 01A: Invoice Not

More recent discussions | Post

Related Topics :

Loading