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

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.