Budget 2015-16 Additional deduction under Section 80CCD

Under the existing provisions contained in sub-section (1) of section 80CCD of the Income-tax Act, 1961 if an individual, employed by the Central Government on or after 1st January, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction of such amount not exceeding ten per cent of his salary in the case of an employee and ten per cent of the gross total income in case of any other individual is allowed. Similarly, the contribution made by the Central Government or any other employer to the said account of the individual under the pension scheme is also allowed as deduction under sub-section (2) of section 80CCD, to the extent it does not exceed ten per cent of the salary of the individual in the previous year. Sub-section (1A) of section 80CCD provides that the amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees. Till date, under section 80CCD, only the National Pension System (NPS) has been notified by the Ministry of Finance.

With a view to encourage people to contribute towards NPS, it is proposed to omit sub-section (1A). In addition to the enhancement of the limit under section 80CCD(1), it is further proposed to insert a new sub-section (1B) so as to provide for an additional deduction in respect of any amount paid, of upto fifty thousand rupees for contributions made by any individual assessees under the NPS.

Consequential amendments are also proposed in sub-section (3) and sub-section (4) of section 80CCD.

These amendments will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years.

NOTE ON RELEVANT CLAUSES  OF FINANCE BILL 2015

Clause 17 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to pension scheme of Central Government.

The existing provisions contained in sub-section (1) of section 80CCD, inter alia, provides that in the case of an individual, employed by the Central Government on or after 1st January, 2004, or being an individual employed by any other employer or any other assessee being an individual who has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government, a deduction of such amount not exceeding ten per cent. of his salary is allowed.

It is proposed to omit sub-section (1A) and insert a new sub-section (1B) so as to provide that an assessee referred to in sub¬section (1), shall, be allowed an additional deduction in computation of his total income, of the whole of the amount paid or deposited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees. It is also propose to provide that no deduction under this sub-section shall be allowed in respect of the amount on whcih deduction has been claimed and allowed under sub-section (1).

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Consequential amendments have been proposed in sub-section (3) and sub-section (4) of section 80CCD.

These amendments will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years.

EXTRACT OF RELEVANT CLAUSES FROM FINANCE BILL 2015

17. Amendment of section 80CCD.

In section 80CCD of the Income-tax Act, with effect from the 1st day of April, 2016,-—

(a)      sub-section (1A) shall be omitted;

(b)      after sub-section (1A), as so omitted the following sub-section shall be inserted, namely:—

“(1B) An assesse referred to in sub-section (1), shall be allowed a deduction in computation of his total income, [in addition to the deduction allowed under sub-section (1)], of the whole of the amount paid or deposited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees:

Provided that no deduction under this sub-section shall be allowed in respect of the amount on which a deduction has been claimed and allowed under sub-section (1);

(c) in sub-section (3),—

(I)       for the words, brackets and figure, “sub-section (1)”, wherever they occur, the words, brackets, figures and letter “sub-section (1) or sub-section (1B)” shall be substituted;

(II)      for the words “under that sub-section”, the words “under those sub-sections” shall be substituted;

(d) in sub-section (4), for the words, brackets and figure, “sub-section (1)”, the words, brackets, figures and letter “sub-section (1) or sub-section (1B)” shall be substituted.

( Compiled by Taxguru Team)

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81 responses to “Sec. 80CCD- Additional deduction for National Pension System contribution”

  1. Preet Agrawal says:

    Deduction from employer happened on 30th March but the units got credited on 3rd April.

    Which financial year my contribution will be counted. Any Income Tax section which justifies that.

  2. Garg Sunil Kumar says:

    Case 1. A employee has gross salary Rs. 12,00,000 and he invested LIC Rs 120,000 PPF 40,000 his contribution to NPS 10% is 1,00,000 . Can he claim a deduction u/s 80 ccd(1b) of Rs. 50,000. Total deduction Rs. 2,00,000

  3. S R Yadav says:

    I am a Central Govt.employee having Old Pension Scheme under which I am getting tax benefit up Rs.150000 after deducting the sufficient amount in GPF.

    Can I get extra tax benefit for an amount of Rs.50000 if I am opening a account in New Pension Scheme.

    If so, what is the procedure for opening an account and where i.e. SBI etc. I can open the same.

    Please reply, so i can get tax benefit before February 2017 salary.

  4. c k murthy says:

    in NPS can we clime Govt contribution for tax exemption

  5. NISHA SAJWAN says:

    sir, i invested Rs 1,80,000 in LIC & HBA principle. my contribution in NPS Rs 50000

    so, can i claim deduction of Rs 50,000 from this amount of Rs 50000 under section 80ccd(1b)? plz reply … Thank you

  6. Siva says:

    sir, i invested Rs 1,80,000 in LIC & HBA principle. my contribution in NPS Rs 84000

    so, can i claim deduction of Rs 50,000 from this amount of Rs 84000 under section 80ccd(1b)? plz reply … Thank you

  7. jose says:

    is old pension scheme govt employee eligible for joining nps and getting tax concession as per80ccd1b

  8. Gopinathan Nair C R says:

    Suppose a person has remitted Rs 2,00,000 in NPS. Will ge get Rs 1,50,000 deduction u/s 80C and Rs 50,000 under 80CCD. Total Rs 2,00,000

  9. Venkatesh Kotikalapudi says:

    How to claim deduction under section 80CCD1 and 80CCD2. I got deduction approved for contribution under section section 80CCD1b and 80C. Please indicate what I have to do or how I have to contribute to claim 80CCD1 and 80CCD2 deductions.

  10. Lokesh Agrawal says:

    Sir,
    Ihave invested Rs. 1,50,000/- in the PPF. My contribution in NPS u/s ccd(1) is Rs.53000/-.Can I claim deduction of Rs.50,000/- from this amount of Rs.53000/-, u/s 80 ccd(1b)?. Please reply soon………. Thanks

  11. gurpreet says:

    i am state government employee. my nps deduction is 52000 and government deposit 52000 in nps(on salary 10%).Ican get additional benefit 50000 80ccd(1B)

  12. mukesh chand joshi says:

    I am state government employee. my nps deduction is 42074 and government deposit 42074 in nps(on salary 10%).Ican get additional benefit 50000 80ccd(1B)

  13. sujit chakraborty says:

    80CCD IS NOT AVAILABLE IN THE MARKET. BANKS LIKE SBI, BOI,IDBI ARE NOT AWARE OF IT. WHAT TO DO? FROM WHERE SHOULD I DO MY INVESTMENT OF 50,000 IN 80CCD, ABOVE 150,000.PL REPLY.

  14. Pankaj says:

    In NPS is the amount of pension received only be the person in whose name the account is opened or can the pension be received by family or nominees in case of his/her death?

  15. Biresh Kumar says:

    Dear Sir,

    I am an employee of State Bank of India, I am investing an amount of Rs. 10000/ PA in LIC pension scheme from 1998. Whether such investment is applicable for 80CCD(1B) in FY 2015-16 or not

  16. Jinendra Bhandari says:

    my wife is state government employee in rajasthan education department. I want to know that she is eligible for additional tax benefit on additional NPS of Rs.50000 or not?
    She has taken employee contribution deduction u/s 80CCD(1) in limit of Rs.150000 & employer contribution deduction u/s 80CCD(2). She want to invest additional Rs.50000 in NPS to avail additional tax benefit of Rs.5000.
    Kindly suggest it is advisable or not?

  17. narpat singh inda says:

    Good evening sir,
    I am a teacher in rajasthan state.how can I gain additional tax rebate under clause 80ccd(1b)?क्या पूर्व nps no.से ही कटौती हो सकती हैं।

  18. J P Sharma says:

    My daughter working in a private sector company does contribute her share of 10% of her salary income of 12.00 lac [along with 10% contribution by her employer] to the NPS.
    Kindly clarify whether she is further entitled to get her individual voluntary [ tier-II] NPS account opened to deposit therein as well up to Rs 50,000/-PM in NPS ?
    If so,would then she be entitled to this Rs 50,000/- additional tax deduction benefit outside the overall ambit of 1.50 lac under section : 80-C or not?

  19. PRADEEP KUMAR DAS says:

    Sir,
    I am an individual. Serving in a University in Gr-A level. I am under NPS scheme. I have contributed Rs.92000/-+ towards NPS in the current FY: 2015-16 and maximum rebate is 1,50,000/- in 80C. How can I save another 50,000 under section 80CCD(1B). Whether I have to contribute more from my salary or to open a separate account? Or excess amount beyond Rs.1,50,000/- under 80C will be adjusted under 80CCD(1B).

    kindly advise.

    • REENA KUMARI says:

      DR. REENA KUMARI Says:

      My name is DR. REENA KUMARI. I am an employee of CENTRAL GOVT. My query is regarding deductions u/s 80CCD. The query pertains to F.Y. 2015-16 and A.Y. 2016-17. The following are the tentative Income and savings detail for the A.Y. 2016-17:
      1. Gross Income: 950000/-
      2. Savings:
      a) PPF: 1,50,000/-
      b) NPS (own share): 74696/- (within 10% limit of total salary)
      c) NPS (employer share): 74696/- (within 10% limit of total salary)
      I want to claim deductions as per the following details:
      1. u/s 80C: 1,50,000/-
      2. u/s 80CCD(1B): 50,000/- (from the amount invested in NPS, own share)
      3. u/s 80CCD(2): 74696/-
      4. Total deduction: 2,74696/-
      So, the taxable income remains = 675304/-.
      Are my calculations correct? Am I correct in claiming the deductions as per the details given by me?
      Please clarify.
      REENA KUMARI
      – See more at: https://taxguru.in/income-tax/sec-80ccd-additional-deduction-national-pension-system-contribution.html?replytocom=1877080#respond

      • Shankaraiah G says:

        Hello Madam…
        I am also having the same doubt. If u find any answer for that query please let me know.

        • Shijo says:

          As per finance ministry circular Page No;33 its possible. Pls check the link below

          incometaxindia.gov.in/communications/circular/circular20_2015.pdf

      • Dr. A B Bera says:

        Your calculation is correct.

        Formula is given below:
        Let your NPS is X

        Case1: X >= Rs.50,000/-
        a) First you set aside from X Rs.50,000/- for 80CCD(1B)
        b) Rest amount i.e., (X – 50,000)* will be added to your 80C block under Rs.1,50,000/- (Tot Sec 80E)

        * minimum of (X-50,000) or 10% of your (pay+Grade Pay+da) would be considered for addition to 80C block. It may happen when you pay more NPS in Tier II

        Case2: X < 50,000

        only X amount will be set aside for 80CCD(1B)

        No NPS amount is available for section 80C i.e., Max Rs.1,50,000/- block
        He will get benifit Max Rs.1,50,000/= + X

        Regards;
        Dr. A B Bera

  20. vikram thakral says:

    Sir, i am punjab govt employee and covered under pension scheme and also contributing gpf from salary. Can i open nps account for taking rebate under 80ccd(1b) of Rs50000/-

    • Guruprasad K says:

      For applying under 80CCD to whom i have contact to open NPS account, I am Bank Employee and have EPF contibution only by me and employer.
      Pl give me the address and details @ Pondicherry

    • ashu says:

      I am state psu employee of before 2004 can i get rebate under thisthis 80ccd1b.who ate providing these schemes name banks fis

  21. Shiv Shankar Prasad. says:

    If I can invent under section 80CCD(1B). I want to know the locking period / maturity period of this investment.

  22. RAVIDAS says:

    R/sir
    I m central govt. employee and comes under NPS. The annual contribution in NPS is 55000/_
    for FY 2015_16. Can I avail 50000 deduction under section 80CCD(1B) for self contribution so that i can use section 80C limit of 150000 for other savings.
    Is it compusary to use section 80C (80 CCD(1)) for deducting whole self contribution in NPS?
    Pl help.

  23. Dipak says:

    I am working in a PSU. My 80C limit of Rs. 1.5 L is already exhausted by PF, LIC contribution. Can I just invest Rs. 50,000/- in NPS and claim the same deduction under 80 CCD(1)b. My Employer not contribute any amount towards NPS u/s. 80CD(2).

  24. Karamvir Singh says:

    My name is Karamvir Singh. I am an employee of Punjab State Power Corporation Limited. My query is regarding deductions u/s 80CCD. The query pertains to F.Y. 2015-16 and A.Y. 2016-17. The following are the tentative Income and savings detail for the A.Y. 2016-17:
    1. Gross Income: 11,00,000/-
    2. Savings:
    a) PPF: 1,50,000/-
    b) NPS (own share): 82,400/- (within 10% limit of total salary)
    c) NPS (employer share): 82,400/- (within 10% limit of total salary)
    I want to claim deductions as per the following details:
    1. u/s 80C: 1,50,000/-
    2. u/s 80CCD(1B): 50,000/- (from the amount invested in NPS, own share)
    3. u/s 80CCD(2): 82400/-
    4. Total deduction: 2,82,400/-

    So, the taxable income remains = 8,17,600/-.
    Are my calculations correct? Am I correct in claiming the deductions as per the details given by me?
    Please clarify.
    Karamvir Singh

    • Shiv Shankar Prasad. says:

      If I invest in under section 80ccd(1B) for exclusive tax benefit Rs.50000/-. I want to know that how many times i can withdraw this amount and give locking period / maturity period of this amount.

  25. Vikram p Telang says:

    dear sir, i regularly using your this website for getting good advises for income tax related ,, sir here by i m requesting u to guide me in this regard.
    sir since 2013 i m working as a pgt in the scale of 9300-4800-34800.. and regularly completed d slab of 150,000 Rs. but in last three years never paid NPS contribution per month because of not having PRAN no.i got d same no. i last JANUARY2015 and thereupon i m deducting arrear of last near about 26 installments as per month three old arrear and regular one in this way i paid 98000 Rs. as an arrear and near about 49000 Rs as a per regular month installments which total costs 128,000Rs. now i want to know how to claim for saving of above arrear for d year 150000 Rs. slab .. please hep me

  26. Dhiraj Chopra says:

    i m a State University employee covered under old pension scheme. My gross income is aprox. 6.00 lac. my annual savings are Rs. 1,50,000/-. Plz. suggest me, Can i open NPS account for the purpose of savings/tax benefits over and above Rs. 1,50,000/-?

  27. Piyush says:

    The latter (i.e. 1.5L in PPF/VPF/etc. + 0.5L in NPS = Total 2L)

  28. Joginder says:

    The employer's contribution to an individual's NPS account is always included in gross income of employees. While calculating the tax the whole amount gets deducted under 80 CCD(2) hence gets exempt from tax.

  29. Joginder says:

    This additional 50000/- is over &amp; above 1,50,000/- of 80 CCE (i.e. 80C, 80CCC, 80CCD(1) etc) (excluding 80 CCD(2) i.e. employer's contribution). But to avail this benefit, who is eligible, where and how to invest is the question. It seems that only employees covered under NPS are eligible and not the employees covered by old pension scheme.

  30. Joginder says:

    Sir,
    Query regarding 80 CCD(1B) : I am a Govt Employee and the dept will deduct approx 40000/- from my salary in FY 2015-16 towards my NPS account covered under 80CCD(1), and an equal contribution (approx 40000/-) will be made by the Dept covered under 80 CCD (2) for purpose of Income Tax. Now, to avail benefit of newly introduced 80 CCD(1B), what I need to do? where, how and how much I have to invest to get extra benefit of 50000/- under 80 CCD(1B). Let me also clarify that there is no provision from Dept side regarding deduction for claiming benefit under 80 CCD(1B)

  31. Joginder says:

    Also, are the employees covered under NPS (Post 1/1/2004)only eligible for benefit of 80 CCD(1B) or the employees covered under old Pension Scheme of Govt too can avail this benefit as tax benefit under 80 CCD(1) and 80 CCD(2) are also available to employees under NPS only and not old pension scheme employees.?

  32. Joginder says:

    Sir,
    Query regarding 80 CCD(1B) : I am a Govt Employee and the dept will deduct approx 40000/- from my salary in FY 2015-16 towards my NPS account covered under 80CCD(1), and an equal contribution (approx 40000/-) will be made by the Dept covered under 80 CCD (2) for purpose of Income Tax. Now, to avail benefit of newly introduced 80 CCD(1B), what I need to do? where, how and how much I have to invest to get extra benefit of 50000/- under 80 CCD(1B). Let me also clarify that there is no provision from Dept side regarding deduction for claiming benefit under 80 CCD(1B)

  33. B K BASAK says:

    I am working in PSU. Whether 2% pension+EPF(Double Cont)+Addl Inc is entitled to deduction u/s 80CCD(1B)?

  34. JAIN PARKASH says:

    sir where i can invest for 80ccd1 please send detail of bank tahank

  35. Ashok says:

    Sir,

    Went through this mail thread. I still have confusion in interpretation:

    is it the case: if you invest Rs 150000/- alone towards NPS, only then excess amount of Rs 50000 benefit can be availed under 80ccd1.

    or the case is- I contribute 150000/- towards PPF/Pension etc, and now I can put 50000 in NPS under 80ccd1 to get full tax benefit on 20000/-?

    Regards,Ashok

    • Ashutosh Yadav says:

      80ccd is specific exemption hence you will get extra limit in case of NPS. LIC/PF are covered under 80C having limit of 1.5 lacs

  36. Murari Agarwal says:

    I work in a PSU. My 80C limit of Rs. 1.5 L is already exhausted by PF, LIC contribution. Can I just invest Rs. 50,000/- in NPS and claim the same deduction under 80 CCD(1)b. One interpretation is that I have to invest Rs. 50,000/- over and above of 10% of my salary in NPS to claim deduction of Rs. 50,000/- under 80 CCD(1)b irrespective of my savings in PF, LIC. Please clarify.

    Regards

    • Praveen says:

      Hi Murari,
      50,000 is 80CCD(1B) which in addition to 80C. This is individual contributions towards nps. Not part of employer contribution. Employer contribution is 80CCD(2), which is 10% of basic (max).

    • Joginder says:

      This additional 50000/- is over & above 1,50,000/- of 80 CCE (i.e. 80C, 80CCC, 80CCD(1) etc) (excluding 80 CCD(2) i.e. employer’s contribution). But to avail this benefit, who is eligible, where and how to invest is the question. It seems that only employees covered under NPS are eligible and not the employees covered by old pension scheme.

  37. BANDARU VENKATA SUBBARAO says:

    SIR,iam a GOVT employee ,RS.4000/- deducting every month from my salary,i.e 48000/- per year,. i have 1,50,000/- rupees PLI & LIC. MY doubt is , am i eligible to get 2 lax saving benifit( 150000 Lic+50000 cps) please clarify

  38. Suribabu says:

    Sir,

    My LIC savings & PLI Savings upto Rs.1,03,770/-. CPS contribution is Rs.45,000/- approximately. APGLI R.5400/-. Gross is Rs.5,70,000/- approximately for the Year 2015-16. How can I save additional saving of Rs.50,000/-.

  39. Rajesh D says:

    Dear Sir,

    Total 80 C limit which increase from 1,50,000/- to 2,00,000/- in AY 2016-17 which include 50,000/- of NPA (ie.80 CCD) or it will be 2,00,000/- + 50,000/-.

    Please Explain.

  40. S Pal says:

    I am a banker with a PSU Bank. I have opened PRAN a/c for NPS & deposited Rs.7 lacs (3.5 lacs as employee contribution & 3.5 lacs as employer contribution ) in the a/c during FY 14-15 (along with arrears since 2009). In the form 16, contribution of FY14-15 only mentioned (Rs.70000/- each)How will be effect of arrears contribution for IT filing? Plz help..

  41. sunil says:

    Hi,
    The Query Is Regarding Tax Planning Using NPS.
    As NPS Contribution (Upto 10% Of Basic + DA) By Employer Is Not Included In Taxable Income Of Employee, Are There Any Companies Who Are Planning Such Sort Of Tax Planning Where NPS Contribution By Employer Is Made Part Of Employees Salary (I.E. It Is Made A Part Of CTC) . Any Special Conditions For Such Practice (Like Board Approval, Special Resolution, Revision Of Employees Compensation Letters Etc)

    Please Share The List Of Big Corporates, MNC’s & PSU’s Following Such Practice.

    • Joginder says:

      The employer’s contribution to an individual’s NPS account is always included in gross income of employees. While calculating the tax the whole amount gets deducted under 80 CCD(2) hence gets exempt from tax.

  42. RAVINDER VASHISHTH says:

    i m a govt servant. 10% of salary i. basic pay+da is deducted as contrubution to nps which amounts to rs. 40000 p.a which is allowed as deductible under 80c now i want to know how can i avail the further deduction of rs. 50000 as mentioned in the current budget. for this have i to deposit a separate amount of rs. 50000 in my nps account also how can i deposit this amount to my nps account as i get salary only after deduction by govt.

  43. Moti lal says:

    If i am already investing 1.5 lakh of 80C for Life Insurance, Child education, Housing EMI Principal and there is 10% of my basic salary i.e. Rs 3000×12=36000 is further deducted from my salary and deposited into my NPS account as part of Employee contribution per 80CCD(1). Shall i be able to get the tax deduction of this Rs 36000 after exhausting Rs 1.5 lakh of 80C???

  44. Sambit Nanda says:

    Dear Sir
    a confirmation required as per the below data:

    I have a pension plan from XYZ Life insurance company of annual premium 200000. my salary is 15 Lakhs per anum.

    so, as per new 80 CCD rule, can i get income tax benefit for the whole amount of deduction?

    or, do i have to purchase NPS of 50000 per anum and 1 lakh of previous insurance pension plan that i have will get tax benefit?

  45. VIVEK GUPTA says:

    NPS UNDER SECTION 80 CCD IS NOT AVAILABLE IN MARKET NEITHER IN SBI. PL GUIDE US FOR THE RIGHT PLACE OF APPLICATION. REGARDS

  46. GOLOK DASH. says:

    Please let us know as per the budget declaration is the contribution of Rs.50000/- to Pension scheme is over and above the Rs. 1.5 Lakh limit available under Sec.80.

    what are the elligible sceheme notified by the Govt. for investment as on date.

  47. Rahul Kumar banerjee says:

    i want to know that what is additional deduction?

  48. Amitkumar says:

    When we are saying NPS contribution; kindly clarify Tier 1 account or Tier 2 NPS account.

  49. RAJESH MALIK says:

    Hi,
    My companies payroll department is not extending 80ccd 1B benefit to us right now as they say that the relevant circular has’nt got released.
    Pls. can you share the relevant circular which is giving this additional 50k NPS deduction as benefit.

    Regards,
    Rajesh

  50. Ashish Jain says:

    I work in a PSU Bank. My NPS is deducted @10%(Basic plus DA)(Appx Rs50000 pa). I am planning to deposit Rs 1.5 lacs in PPF. Can I claim Rs 50000 NPS deducted by the employer under 80CCD(1B) and Rs 1.5lacs PPF under 80C??

  51. Anand says:

    Is 80ccd of additonal rs. 50000 can we declare to company working apart from 80c, or do we have to show the income made under sec 80ccd at the filing of IT return.

  52. cini says:

    I am govt employee i have deduction of 80c is Rs. 15000, get me addition deduction Rs 50000 of 80ccd
    . In such total deduction u/s 80C, 80CCC, 80CCD(1) upto 2 lacs. – pls clarify the total limit is currect

  53. Vinod says:

    I am a central govt employee eligible for govt pension (joined in 90s). is the tax deduction u/s 80 CCD available to me also?

  54. Iyer Mama says:

    Clear explanation below:
    80C = upto 1, 50,000
    80CCD(1) = (2,00,000 – 80C)

    So 80C = EPF + VPF + PPF + 5-year FD = upto 1,50,000 allowed
    pUT JUST 50000 IN 80CCD(1) to reach 2,00,000

  55. N Gopinathan says:

    Thank you very much for the detailed explanation

  56. N Gopinathan says:

    Thank you very much

  57. Benny says:

    HI,

    Appreciate the detailed notes, Can you help to understand the additional deduction available u/s80CCD (1B).

    Do the assessee needs to invest Rs.2 lakh to get the additional benefit, or the additional benefit can be availed with 1.5 lakh investment in any other fund eg.PPF) and 50K in NPS.

  58. Ashwani Kumar says:

    I a central govt employee, & going to retire in 2020. Am i eligible for this section 80CCD (IB)of NPS. Kindly explain me how can i avail this benifit & from where?

  59. Rakesh says:

    I am 60 yrs. old and retired from the service. How can I invest additional Rs. 50,000/= u/s 80CCD(1B) in NPS while I have neither NPS account nor one can open NPS account over 55 yrs. of age as per rules of NPS.

  60. madhukar says:

    sir,
    my insurance premuim and pf contribution covers Rs 150,000/-for 80 c deduction whether i can get another rs 50,000/- deduction if i contribute to NPS i,e total Rs 2,00,000/deduction

  61. Rajesh kumar Gupta says:

    So from FY 2015-16 or AY 2016-17 if an individual has already contributed and availed deduction in FY 2014-15 or before up to 1 lac in NPS ( being 10% of basic and DA) continues with same amount then he will be allowed deduction for the same u/s 80CCD(1) where 80C and 80CCC instruments also compete for overall 1.5 lac limit under 80CCE. If same individual contributes additional amount upto 50000 due to rise in Basic and DA, i.e. over and above what he contributed last fiscal or voluntarily increases his contribution, he is entitled for additional deduction upto 50000. In such a case he may end up in availing total deduction u/s 80C, 80CCC, 80CCD(1) upto 2 lacs.

  62. Rajesh kumar Gupta says:

    So from FY 2015-16 or AY 2016-17 if an individual has already contributed and availed deduction in FY 2014-15 or before up to 1 lac in NPS ( being 10% of basic and DA) continues with same amount then he will be allowed deduction for the same u/s 80CCD(1) where 80C and 80CCC instruments also compete for overall 1.5 lac limit under 80CCE. If same individual contributes additional amount upto 50000 due to rise in Basic and DA, i.e. over and above what he contributed last fiscal or voluntarily increases his contribution, he is entitled for additional deduction upto 50000. In such a case he may end up in availing total deduction u/s 80C, 80CCC,

  63. S.Manoharan says:

    I am working as a teacher, my CPS deduction is 65000. I am going to invest Rs.64000 in Life Insurance Premium, and I have to pay Rupees 45000 as House Loan Principal and Rs 30000 as tution fees to daughter. How much is the tax deduction for me?

  64. Vakkala mahendar says:

    Sir,this is Mahendar, from telangana state. Iam a teacher, My cps deduction is 38775 and the govt contribution is 39150 how can i show deductions price and saving price.please answer me. Thankvyou sir.

  65. jay says:

    If A have a gross salary of 7 laks and NPS deduction 10+10% i. e.140000 contributed and exemption same towards 80CCD but now in budget limit 50000+50000 or additional 50000 please clear? Again it is applied next year 2015-16?

  66. ASHOK says:

    afterall, our choice of investment in RGELSS is no more available.

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