if an employee is investing 10% of his salary in NPS and he is having other savings amounting to Rs. 1,80,000 in a year. Then can he allowed to show his NPS contribution under section 80ccd(1b).
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Investment under section 80ccd(1b)
Replies (5)
The additional deduction of Rs. 50,000/- under Section 80CCD(1B) is available to assess over and above the benefit of Rs. 1.50 Lakhs available as a deduction under Sec 80CCD(1). Thereby, raising the maximum limit of exemption to Rs. 2.00 Lakhs with Section 80CCD(1) + Section 80CCD(1B).
Yes mam . You are right. My doubt is can the individual show other savings in 80c and NPS contribution under section 80ccd(1b). Contribution made by him is a mandatory deduction i.e. 10% of salary covered in 80ccd(1)
The maximum limit for tax saving under Section 80C is Rs 1.5 lakh
The 80C maximum limit of 1.50 lakhs is inclusive of NPS under 8OCCD(1)(a)
Plus independent deduction towards NPS under 80CCD(1)(b) to the maximum of Rs 50000/-
Plus independent deduction towards NPS under 80CCD(1)(b) to the maximum of Rs 50000/-
NPS contribution under section 80ccd(1b) is only Rs. 50000.
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