Additional deduction under section 80CCD(1B)

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8 Points Posted on 10 August 2023
what is qualification for additional deduction under section 80CCD(1B) in income tax act?
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On 10 August 2023 at 23:41 Report
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Section 80CCD(1B) of the Income Tax Act allows an additional deduction of up to Rs 50,000 for contributions made to specific pension schemes notified by the Central Government. This is separate from and in addition to the deduction available under Section 80C. To qualify, your contribution must be to a pension scheme that has been officially notified by the government.

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Profession
28271 Points Posted on 11 August 2023
Qualification for additional deduction.
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On 11 August 2023 at 07:54
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CFO- at NHTF
58280 Points Posted on 11 August 2023
Eligibility criteria is : Pension scheme notified by Central Government


Section 80CCD(1B) specifically deals with contributions made by an individual (employee or self-employed) to pension schemes as notified by the central government. This section provides an additional deduction of Rs 50,000 over and above the 80C limit of Rs 1.5 lakh
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On 11 August 2023 at 08:00

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