Is Nps 50000 Deduction Allowed In New Tax Regime Under Old Tax Regime If you are opting old tax regime then you can continue claiming income tax deduction of Rs 50 000 u s 80CCD 1b New Tax
Section 80CCD 1B provides an additional deduction of up to Rs 50 000 for contributions made to NPS The additional deduction of Rs 50 000 under Section 80CCD 1B is available over and above the Currently this deduction benefit is restricted to taxpayers opting for the old tax regime and taxpayers under the new tax regime cannot avail it As the new tax
Is Nps 50000 Deduction Allowed In New Tax Regime
Is Nps 50000 Deduction Allowed In New Tax Regime
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It is to be noted that salaried individuals can claim two deductions under the new tax regime Standard Deduction and deduction under section 80CCD 2 for Employer s NPS contribution for the benefit of employee up to 10 per cent of salary Basic DA is deductible from taxable income up to 7 5 Lakh the NPS
Section 115BAC of Income Tax Act New Tax Regime Deductions Allowed Updated on 27 Mar 2024 04 12 PM The Finance Act of 2020 introduced Section Additional deduction of up to Rs 50 000 under Section 80CCD 1B of the Income Tax Act exclusively available through NPS investment The third deduction is in
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So if the annual basic salary of the employee is Rs 5 lakh one can avail a deduction of up to Rs 50 000 if the employer contributes towards employees NPS Thus salaried individuals and pensioners can claim the standard deduction of Rs 50 000 only from their salary pension income Getty Images 3 6 For family
Under the old tax regime this extra Rs 50 000 tax deduction is in addition to the Rs 1 5 lakh allowed under Section 80CCD 1 for investment towards NPS This Rs In accordance with Section 80C of the Income Tax Act NPS Tier 1 accounts are eligible for a deduction of up to 1 5 lakh from taxable income and an additional
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Under Old Tax Regime If you are opting old tax regime then you can continue claiming income tax deduction of Rs 50 000 u s 80CCD 1b New Tax
https://cleartax.in/s/section-80-ccd-1b
Section 80CCD 1B provides an additional deduction of up to Rs 50 000 for contributions made to NPS The additional deduction of Rs 50 000 under Section 80CCD 1B is available over and above the
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Is Nps 50000 Deduction Allowed In New Tax Regime - Additional Contribution NPS subscribers also have an option to claim further tax benefits on investments up to INR 50 000 which is over and above the limit of INR
