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Explanation about 80CCD(1B)
Can we claim NPS Seperately in U/s 80CCD(1B) and what is the limit of this Section.
Replies (7)
Quick Summary
You NPS account is Tire1 or Tire2 ?.
Exclusive Tax Benefit to all NPS Subscribers u/s 80CCD (1B)
An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act.
You can claim a maximum of 50k under 80ccd(1b) apart from the deduction of 100k claimed under 80ccd(1), subject to the condition that deductions cannot be claimed for same amount under 80ccd(1) and 80ccd(1b)
How to calculate nps amount 14% & 10% state govt employees fy 21-22
If NPS Amount is >80K, and u/s 80C we have claim <1.5 Lacks, then can we adjust for 1.5 Lacks and remaining Amt I u/s 80CCD(1B).
Yes you can adjust..
Thanks.
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