Explanation about 80CCD(1B)
Tukaram Gaikwad (63 Points)
18 February 2022
Can we claim NPS Seperately in U/s 80CCD(1B) and what is the limit of this Section.
7 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 18 February 2022
You NPS account is Tire1 or Tire2 ?.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 18 February 2022
Exclusive Tax Benefit to all NPS Subscribers u/s 80CCD (1B)
An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act.
rama krishnan
(12239 Points)
Replied 18 February 2022
You can claim a maximum of 50k under 80ccd(1b) apart from the deduction of 100k claimed under 80ccd(1), subject to the condition that deductions cannot be claimed for same amount under 80ccd(1) and 80ccd(1b)
satish gandhi
(2 Points)
Replied 23 February 2022
How to calculate nps amount 14% & 10% state govt employees fy 21-22
Tukaram Gaikwad
(63 Points)
Replied 26 February 2022
If NPS Amount is >80K, and u/s 80C we have claim <1.5 Lacks, then can we adjust for 1.5 Lacks and remaining Amt I u/s 80CCD(1B).
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