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80ccd 1b Clarification By Income Tax Departmet

What is Sec 80CCD(1B) Individuals who contribute to the NPS are eligible for deductions under Section 80CCD of the Internal Revenue Code. For donations made to the NPS under Section 80CCD , individuals could claim a deduction of up to Rs. 1 lakh in income tax. The government increased the maximum amount due to the NPS to Rs. 1.50 lakh per year in the 2015 budget. A new sub-section 1B was also established, which allowed individual taxpayers to claim an extra deduction of up to Rs. 50,000 for payments to the NPS.. Over and beyond the benefit of Rs. 1.50 lakhs allowed as a deduction under Sec 80CCD(1B), an extra deduction of Rs. 50,000/- is available to assess (1). As a result, Section 80CCD(1) + Section 80CCD(2) raises the maximum exemption limit to Rs. 2.00 lakhs (1B). Section 80CCD (1B) Individuals are eligible to claim an income tax deduction for contributions made to the NPS under this section. A self-employed individual, a government employee or a private employee may contribute. Al...
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80ccd 1b Clarification By Income Tax Departmet

What is Sec 80CCD(1B) Individuals who contribute to the NPS are eligible for deductions under Section 80CCD of the Internal Revenue Code. For donations made to the NPS under Section 80CCD , individuals could claim a deduction of up to Rs. 1 lakh in income tax. The government increased the maximum amount due to the NPS to Rs. 1.50 lakh per year in the 2015 budget. A new sub-section 1B was also established, which allowed individual taxpayers to claim an extra deduction of up to Rs. 50,000 for payments to the NPS.. Over and beyond the benefit of Rs. 1.50 lakhs allowed as a deduction under Sec 80CCD(1B), an extra deduction of Rs. 50,000/- is available to assess (1). As a result, Section 80CCD(1) + Section 80CCD(2) raises the maximum exemption limit to Rs. 2.00 lakhs (1B). Section 80CCD (1B) Individuals are eligible to claim an income tax deduction for contributions made to the NPS under this section. A self-employed individual, a government employee or a private employee may contribute. Al...
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Deductions of Income Tax Under Section 80CCD (1b)

The timely and accurate payment of income tax is crucial for the economic growth of the country. As an Indian citizen, you are responsible for paying your taxes on time. There are a number of provisions in the Income Tax Act of 1961 that allow you to deduct investments made in specific ways. A popular deduction option is Section 80CCD . Section 80CCD According to Section 80CCD, individuals can deduct contributions to the National Pension Scheme (NPS) or the Atal Pension Yojana (APY). This section also includes contributions made by employers to the NPS. NPS is a notified pension scheme of the Central Government. To clarify the available deductions for income tax assesses, Section 80CCD has been divided into two subsections. One subsection is concerned with rules regarding tax deductions applicable to salaried or self-employed professionals; the other concerns contributions by employers to the NPS. Section 80 CCD (1b) of Income Tax Act The section 80CCD(1B) specifically addresses contr...
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