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) ?
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
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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