National Pension Scheme and 80c Exemption

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SAP FICO
220 Points Posted on 24 February 2021

HI Professional Friends

My 80C total investment is Rs 1 Lakh. Will I invest Rs 50,000 in NPS Tier 1 (National Pension Scheme) and further extra another Rs50,000 also will I invest in NPS?

If so shallI get exemption Rs 2Laks? (1.5L  under 80C and another Rs50K under 80CCD)

Is this right understanding?

Please clarify

Adv Thanks

Balaji Subbu
 

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On 24 February 2021 at 17:28 Report
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Quick Summary
This discussion clarifies how investments in the National Pension Scheme (NPS) Tier 1 can maximise tax benefits. By investing Rs 1 Lakh in NPS Tier 1, individuals can claim a deduction of Rs 1.5 Lakhs under Section 80C, 80CCC, and 80CCD(1). Furthermore, an additional Rs 50,000 deduction is available under Section 80CCD(1B), potentially bringing the total tax exemption to Rs 2 Lakhs.

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Chartered Accountant
24588 Points Posted on 24 February 2021
No, you will get 150000 rupees in total aggregate of 80c, 80ccc, 80cccd
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On 24 February 2021 at 18:15
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721 Points Posted on 24 February 2021
You will get deduction if 200000 as rightly asked in question itself in my view
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On 24 February 2021 at 18:51
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Manager
124 Points Posted on 24 February 2021

You will get aggregate 1.5 lakh deduction for investments made in 80 C, 80CCC and 80 CCD (1) (i.e. as employee) plus additional 50k deduction if you invest under 80 CCD (1B). Pls. ensure that the additional investment (50k) you make is covered under this section.

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On 24 February 2021 at 19:15
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SAP FICO
220 Points Posted on 24 February 2021

Hello Josh (Manager)

Thank you so much

Yes, I got your points. You have a talent of educating others in a clear cut manner.

Cheers

Balaji Subbu

1 Reply
On 24 February 2021 at 20:02

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