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NPS deductions

Others 310 views 6 replies
How to show NPS contribution in IT deductions under 80CCD(1) and 80CCD(2) ? Since my employer also contributes..
Details are as following :-
GROSS - 706501
NPS (self) - 68510
NPS (employer) - 68510
Replies (6)

Limit of 80CCD - 

You Can Take 80CCD(1) - 1,50,000

80CCD(1B)                     -   50,000

80 CCD(2)                     -  your employer contributes 10% of your basic salary

80CCD (1) & 80C deduction are same,you can not take claim more than 1,50,000

if you have not other saving ,so you can claim 68510 in 80CCD(1)

in case employer deduct NPS on yous salary,so 

in 80 CCD(2) -   your employer contributes 10% of your basic salary

 

My contribution in 80C + 80CCD(1) is exceeding 1.5 L. Then can I show exceeding amount in 80CCD(1B) ? Pls suggest.
Gross salary - 706501 Add: NPS(EMPLOYER) - 68510 TOTAL WILL BE YOUR INCOME FROM SALARIES AFTER DEDUCTING HRA, PROFESSIONAL TAX, STANDARD DEDUCTION IF YOUR 80C EXCEEDS 1.5 LACS, YOUR CONTRIBUTION TOWARDS NPS CAN BE CLAIMED UNDER 80CCD(1B) NOTE: DEDUCTION CANNOT BE CLAIMED FOR SAME AMOUNT UNDER 80CCD(1) AND 80CCD(1B)
You can show 80 CCD(1B) .but not take more than 50000 .
u/s 80C and 80CCD(1) you can claim upto 150000 whatever your NPS share is.
Additionally you can claim benefit u/s 80CCD(2) regarding Employer's contribution towards NPS . Relief under this clause is limited to the actual contribution or 10%of salary whichever is lesser. you must keep in mind that this concession is over and above 150000

https://forum.taxaccountants.in/thread-Deductions-under-section-80


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