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Can I claim both 80CCD 1B and 80CCD 2 Quora?

Can I claim both 80CCD 1B and 80CCD 2 Quora?

Yes. The deduction of additional ₹ 50K for NPS under section 80CCD(1B) is over & above the deduction of ₹ 150K under section 80C. So Total Deduction 80C+80CCD(1B) is ₹ 2,00,000/-.

Can I split my NPS contribution?

Yes you can do that. Up to rs. 50000 you can claim u/s 80ccd(1b) and remaining NPS Contribution Rs. 10000 became the part of your taxable income.

Can I claim both 80CCD 1B and 80CCD 1?

Only partial withdrawal is allowed, with certain conditions. Contributions made towards Tier 1 are tax deductible and qualify for deductions under Section 80CCD(1) and Section 80CCD(1B). This means you can invest up to Rs. But the contribution made to a Tier 2 account is not eligible for tax deduction.

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Is 80CCD 2 part of 80c?

Maximum investment allowed is either 10\% of basic salary or Rs 1.5 lakh, whichever is lower. (ii) 80CCD (1b): This is an additional deduction for a maximum of Rs 50,000 which is over and above section 80C….Read more news on.

Deduction under section Maximum amount available
Total maximum amount available Rs 3.20 lakh

Does NPS come under 80C Quora?

Does investing in NPS comes under section 80c? – Quora. , Helping millennials achieve financial freedom, digitally! Yes. Investing in the National Pension Scheme (NPS) is covered under section 80C of the Income Tax Act, 1961.

How can I contribute to 80CCD 1B?

To encourage investment in NPS, Section 80CCD(1B) of the Income-tax Act allows an additional deduction of Rs 50,000 over and above the Rs 1.5 lakh available under Section 80CCE. *It is assumed that contribution to NPS by the employee does not exceed 10\% of the employees’ salary.

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Is employer contribution to NPS part of 80c?

How to claim deduction on both my own (employee) and my employer’s contribution? A resounding yes! If your employer is contributing to your NPS account you can claim deduction under section 80CCD(2). There is no monetary limit on how much you can claim, but it should not exceed 10\% of your salary.