05 October 2014
How can the deduction of contribution in new pension scheme be claimed? Under which section the contribution of both imployee and employer can be claimed?
05 October 2014
Section 80 CCD(1): An employee can claim tax deduction of up to 10 per cent of the salary contributed towards NPS.
Section 80 CCD(2): The employee can claim tax deduction on contribution made by the employer, not exceeding 10 per cent of salary.
Section 80 CCE: Employee can claim the self contribution subject to the Rs one lakh limit in Section 80C but will also be able to claim deduction on employer contribution to NPS above the one lakh limit.
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