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Deduction of 5000 in NPS Account like to know exact section.

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trnghosh

sr asst

229 Points Posted on 17 July 2022

My friend working in a private firm having monthly salary of 43734 but no contribution has been made by employer but he open one NPS account and contributed Rs 53000.00 for the last financial year. He like to submit income tax return ( though he is out of tax regime) and confused in which section he will claim this 50000 deduction for NPS. Is it 80 CCD(1B) ? Kindly confirm..

Thanks.

Replies (3)

Quick Summary

This discussion clarifies the specific section for claiming NPS deductions on income tax returns. Contributions made to an NPS account, even by an individual without employer contributions, can be claimed under Section 80CCD(1B). However, this deduction is only available if you opt for the traditional tax regime and not the new tax regime.