NPS FOR INDIVIDUAL U/S 80CCD(1)(B)

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143 Points Posted on 12 March 2020

Whether an employee or individual invest in NPS for rebate u/s 80CCD (1)(B)  for FY 2020-21 in New Tax Code the rebate is still available?

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On 12 March 2020 at 19:50 Report
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This discussion clarifies the availability of the NPS tax rebate under Section 80CCD(1)(B) for the financial year 2020-21 within the New Tax Code. While employer contributions to NPS are eligible for a rebate up to £50,000 under Section 80CCD(2), employee contributions are not available for deduction under Section 80CCD in the new tax regime. Therefore, individuals investing in NPS for the 80CCD(1)(B) rebate may not be able to claim it under the new code.

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17269 Points Posted on 12 March 2020

Employer contribution is available under 80CCD(2) upto Rs 50000/- as per conditions prescribed.

Employee contribution is not available under 80CCD in new tax regime 

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On 12 March 2020 at 20:28
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12244 Points Posted on 12 March 2020
Employer contribution is to be claimed under section 80CCD(2)
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On 12 March 2020 at 23:38

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