Atal pension yojana
Dheeraj Sharma (11 Points)
13 October 2019
Is a government servant or his family eligible for APY , if yes then is this scheme having deductions u/s 80c?
3 Replies
Kapadia Pravin
(17259 Points)
Replied 14 October 2019
Contributions made by an individual under the Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961.
Maximum deduction allowed under section 80CCD (1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act.
8CCE is aggregate 80C + 8oCCC + 8oCCD(1)
An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961.
Family members are also eligible .
These deductions are subject to the fulfillment of the conditions mentioned in section 80CCD of
the Income Tax Act, 1961.
Maximum deduction allowed under section 80CCD (1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act.
8CCE is aggregate 80C + 8oCCC + 8oCCD(1)
An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961.
Family members are also eligible .
These deductions are subject to the fulfillment of the conditions mentioned in section 80CCD of
the Income Tax Act, 1961.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 14 October 2019
1. Yes, as rightly said my Mr.Pravin, it is also available to the government servant and his family.
2. Contribution can be made up to a maximum of 10% of Gross total income maximum of Rs. 1.5 lakhs per annum under sec 80CCD(1)
3. In addition to that sec 80CCD(1B) provides an additional deduction of Rs. 50,000.
Please correct me if the above solution has an alternative view.
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