National Pension Scheme detail's

Details about NPS
Replies (1)
section 80CCD
contribution to pension scheme notified by the central government (NPS)
applicable for both employee and self employed individuals
section 80CCD(1) employees / individuals own contribution to this pension fund is allowable as deduction - actuall contribution or 10% of salary or 20% of GTI (as the case may be) which ever is less
it covered under over all limit of rs 1,50,000 u/s 80 CCE

section 80CCD(1B) ADDITIONAL deduction of up-to rs 50,000 allowable on assessees own contribution to NPS
section 80CCD(2) ADDITIONAL deduction of upto 10% of salary on contribution by employer

section 80CCD(1B) & 80CCD (2) NOT covered u/s 80CCE overall limit of rs 1,50,000

payment from. NPS is taxable subject to exception u/s 10 (12A) &10(12B)

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