Assessee has made following expenditure
80C - 77,994
80CCC - 15,820
80CCD(1) - 62,138
now if he contribute further 40,000 in Pension scheme of central government.
Will he be eligible to claim deduction u/s 80CCD(1B) ?
Menu
Section 80CCD
Replies (3)
80CCE: Limit on deductions u/s 80C, 80CCC & 80CCD(1): Agregate amount of 1.50 lakh
So, as per given amounts, it comes to 1,55,952. So, it will be restricted to 1.5 lakh
Further, 80CCD(1B) is additional deduction of upto 50k for deposit in NPS A/c (Tier-I), irrespective of 80CCD(1) and it is not subject to 80CCE Hence, he can claim 40k.
Therefore, total deduction would be 1.5 lakh + 40k = 1.90 lakh
Agree with Mr. Deepak Gupta ji...
Thank u Deepak ji & Sagar ji
Recent Topic
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
- Tax Refund timeline
- Is Form 10E applicable for Notice Pay received in
- INCOME RECEIVED FROM COMPANY FOR ELECTRIC POLLS
- ITR Processing By CPC Now Super Fast - Much apprec
- Abroad Jobs
- Professional Income in 44AD
Related Topics
CAclubindia
