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deduction under nps

284 views 8 replies

Doru Treasury

1 Points Joined November 2018

I have savings of more than 150000 under LIC and GPF. Have made normal contribution (10% of Basic Pay+DA ) under NPS which amounts to Rs 80000.Can I claim for additional benefit of 50000 under NPS.
Moreover I want to know more about standard deduction. Can every employee claim for standard deduction of rs 40000 for FY 2018-19

Replies (8)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210641 Points Joined July 2016

1. Deduction u/s. 80CCD (1b) can be claimed only once in a year, no additional claim.

2. Yes, any employee can claim standard deduction.

RAMAKRISHNAN R

INCOME TAX OFFICER

1736 Points Joined February 2014

yes you can claim your nps contribution to a maximum of 50000 under section 80ccd(1b) if the same is not claimed under section 80ccd(1)

manzoor dar

9 Points Joined February 2019

you can not claim benefit u/s 80 CCD(1B) if you have got concession u/s 80CCD(1). But you can still claim benefit u/s 80CCD(2) upto 10% of salary over and above 150000.