Deduction in respect of Contribution to Notified Pension Scheme :
Limit for Employee's contribution-80CCD(1) - Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 10% of gross total income (in case of tax payer being self employed) or Rs 1,00,000 whichever is less.
The limit of Rs 1,00,000 has been increased to Rs 1,50,000 from financial year 2015-16 (assessment year 2016-17).
Limit for Employer's contribution-80CCD(2)-Maximum deduction available in respect of employer's contribution is allowed up to 10% of the salary of the employee.
Investment in National Pension Scheme is allowed in addition to above mentioned limit. Taxpayer may invest upto Rs 50,000/- to claim additional deduction u/s 80CCD(1B) from FY 2015-16 onwards.
Comments
0 comments
Please sign in to leave a comment.