NPS investment
10 months ago
I have 80k NPS investment and 2 lacs 80c investment now can I claim 30k in 80ccd1 and 50k in 80 ccd1b
A.Dear client,
NPS account tax benefits extend up to ₹2,00,000 per annum for each individual. As an investor, investing this amount will make you eligible to claim ₹1,50,000 tax deduction under Section 80C and an additional ₹50,000 under Section 80CCD(1B). While there is no limit on the NPS maximum contribution per year, any investment above this threshold will not be eligible for tax deductions.
NPS account tax benefits extend up to ₹2,00,000 per annum for each individual. As an investor, investing this amount will make you eligible to claim ₹1,50,000 tax deduction under Section 80C and an additional ₹50,000 under Section 80CCD(1B). While there is no limit on the NPS maximum contribution per year, any investment above this threshold will not be eligible for tax deductions.
Helpful
Helpful
Share
Read Related Answers
Captain gain tax
Dear Client,
The Capital Gains Account Scheme was introduced in 1988 by the Central Government. It is a Fixed Deposit account with a Bank which can be utilized only for the purpose of the exemption cl...
Income Tax Refund
Dear Client,
There are certain criterias for getting your TDS, firstly your relationship status- if you are married then higher rate may be deducted, additionally if you have overpaid other taxes or...
Joint buyers in under construction property, help with 26QB
Dear Client,
TDS is applicable on the purchase of immovable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). TDS @ 1% should be deducted...
Amount paid to a friend as drawings from a Propritory Business Concern
Dear Client,
A business account in a Bank typically known as a Current account is a kind of bank account maintained by businessmen, corporations and trusts who have a large number of transactions. A...
IT returns
Dear Client,
An unintentional mistake in the IT Return may be rectified by filing a revised return. For better clarification and steps, you need to visit a Chartered Accountant or an I T Consultant to...
Read Blogs on Tax
Tax Lawyers
Find Lawyers by Location