Section 80CCD

Section 80CCD(1B) deduction – Contribution to National Pension System (NPS)

Income Tax - Income Tax deduction Under Section 80C allows deduction in respect of investment LIC, Housing loan principal repayment, Children education fee etc.) and Under Section 80CCC allows deduction in respect of contribution for contract of annuity for receiving pension offered by LIC or other insurers). Total deuction under both Section 80C and ...

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Section 80CCD deduction for state government employees increased to 14%

Income Tax - Incentives to National Pension System (NPS) subscribers for state government employees Under the existing provisions of the Act, any contribution by the Central Government or any other employer to the account referred to in section 80CCD of the Act (NPS account), shall be allowed as a deduction to the assesses in the computation of his [&...

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Submitting Investment Declaration form: Things to ponder on

Income Tax - As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]...

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NPS a good savings instrument with steady returns & Income Tax Benefits

Income Tax - National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits....

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NPS, Income tax deduction Section 80CCD & form 16

Income Tax - National Pension scheme (NPS), Income tax deduction Section-80CCD(1), 80CCD(1B),80CCD(2) & form 16. Dear Reader, please find below the key summarized provisions on National pension scheme as they stand today on 26th Dec 2021. Rationale of NPS: Securing our future, by turning India from pension less society into one covered under pensi...

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Additional deduction of Rs. 50000 for NPS Investment

Income Tax - Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

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How to Open NPS Account Online and Tax Benefits

Income Tax - Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤  Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤  Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔  ...

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CBDT notifies Atal Pension Yojana u/s 80CCD

Notification No. 7/2016-Income Tax - (19/02/2016) - Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F. No. 16/1/2015-PR dated the 16th October, 2015 as a pension scheme for the purposes of the said section....

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Recent Posts in "Section 80CCD"

Section 80CCD(1B) deduction – Contribution to National Pension System (NPS)

Income Tax deduction Under Section 80C allows deduction in respect of investment LIC, Housing loan principal repayment, Children education fee etc.) and Under Section 80CCC allows deduction in respect of contribution for contract of annuity for receiving pension offered by LIC or other insurers). Total deuction under both Section 80C and ...

Read More
Posted Under: Income Tax |

Section 80CCD deduction for state government employees increased to 14%

Incentives to National Pension System (NPS) subscribers for state government employees Under the existing provisions of the Act, any contribution by the Central Government or any other employer to the account referred to in section 80CCD of the Act (NPS account), shall be allowed as a deduction to the assesses in the computation of his [&...

Read More
Posted Under: Income Tax |

Submitting Investment Declaration form: Things to ponder on

As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]...

Read More
Posted Under: Income Tax | ,

NPS a good savings instrument with steady returns & Income Tax Benefits

National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits....

Read More
Posted Under: Income Tax |

NPS, Income tax deduction Section 80CCD & form 16

National Pension scheme (NPS), Income tax deduction Section-80CCD(1), 80CCD(1B),80CCD(2) & form 16. Dear Reader, please find below the key summarized provisions on National pension scheme as they stand today on 26th Dec 2021. Rationale of NPS: Securing our future, by turning India from pension less society into one covered under pensi...

Read More
Posted Under: Income Tax |

National Pension System (NPS) Digest

The National Pension System (NPS) started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004. While the scheme was initially designed for government employees only, it was opened up for all citizens of India in 2009. Low-cost structure, tax efficiency and [&h...

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Posted Under: Income Tax |

Income Tax under the head Salary

CA ARPAN JAIN Understanding your Pay slip Basic Salary Fixed Component of your pay House Rent Allowance Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax payment. This can be partially or completely exempt from taxes. Leave Travel Allowance Salaried employees can avail exemption...

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Posted Under: Income Tax |

NPS: Tax provisions on investment & Withdrawal

NPS (National Pension System) : Tax provisions on investment & Withdrawal Investment Deduction: –Section 80CCD (1): Employee Contribution up to Rs. 1.5 lac under Sec 80CCE -Section 80CCD (1B): Employee Contribution Rs. 50,000 over and above the deduction of Rs. 1.5 lakh -Section 80CCD (2): Employer Contribution up to 10% of s...

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Posted Under: Income Tax |

Allowable Deductions from Income while Filing Return of Income

Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

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Posted Under: Income Tax |

Income Tax Saving Investments For Salaried Individuals

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...

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Posted Under: Income Tax |

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