And this extra Rs 50,000 tax deduction for National Pension Scheme NPS is what catches most people’s interest. And such people keep looking for easy-to-use NPS calculators. But before we find out the details of NPS pension calculations, let me remind here that ideally,investment decisions s...
The employee has a choice as to which section ,80CCD(1) or 80CCD(1B), he wants to show his contribution. Ideally he should show Rs 50,000 investment in NPS u/s 80CCD(1B). The tax deduction on rest Rs 12,000 can be claimed u/s 80CCD(1). The section 80CCD(1) along with ...
Section Deduction allowed Maximum Limit Can be claimed by 80CCD(1) Employee contribution up to 10% of basic salary and DA Upto 1.5 Lakhs including 80C. Employees. For self-employed 10% of their annual income up to a maximum of Rs 1.5 Lakhs. 80CCD(2) Employer’s contribution up to 10%...