NPS account opening

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  1. PRATEEKGOEL007

    PRATEEKGOEL007 New Member

    Sir if i go for online opening of nps account with the help of my adaar no. on 27 march 2016,
    will it be possible for me to claim the deduction in this FY ie 2015-2016 after the usual time it takes or else i should now apply in next FY ie 2016-2017.
    Also what is the final document to b obtained by us to get eligible for obtaing deduction in this current FY.
    Thanks
    waiting for ur reply
     
  2. RADHE SHYAM DARAK

    RADHE SHYAM DARAK New Member

    yes, after registration you immediately make payment. receipt will be generate that was valid proof of your investment. your photo and signature also need to scane. print out should be sent within 90 days wef registration.
     
  3. PRATEEKGOEL007

    PRATEEKGOEL007 New Member


    sir the documents n print that i have to sent by courier even if it is received by dept in next financial year then also i could avail the deduction in 2015-2016. Is the registration solely authorizes me to avail deduction in current FY.
     
  4. RADHE SHYAM DARAK

    RADHE SHYAM DARAK New Member

    Yes,you will get pran and able to invest immediately after completion of registration.
     
  5. Anil121

    Anil121 New Member

    To gain tax benefit of 50000/- from NPS under income tax act 80ccd 1(b), in the financial year 2015-16, when should I invest in NPS?
    i.e., Should I invest in financial year 2014-15 or, in financial year 2015-16?
     
  6. RADHE SHYAM DARAK

    RADHE SHYAM DARAK New Member

    If u invest before 31/3/16, u entitle for rebate in this financial year 2015-16. Why u confuse, it's clear.
     
  7. Anil121

    Anil121 New Member

    Sir as given in the highlighted part, it says previous year. So can you help me in this regard?

    Deduction in respect of contribution to pension scheme of Central Government.


    80CCD. (1) 21[Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer], or any other assessee, being an individual has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited as does not exceed,—

    (a) in the case of an employee, ten per cent of his salary in the previous year; and

    (b) in any other case, ten per cent of his gross total income in the previous year.

    22[23[(1A) The amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees.]]

    Following sub-section (1B) shall be inserted after sub-section (1A) [as so omitted w.e.f. 1-4-2016] of section 80CCD by the Finance Act, 2015, w.e.f. 1-4-2016 :

    (1B) An assessee referred to in sub-section (1), shall be allowed a deduction in computation of his total income, whether or not any deduction is allowed under sub-section (1), of the whole of the amount paid or deposited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees:
     
  8. RADHE SHYAM DARAK

    RADHE SHYAM DARAK New Member

    Finance Act, 2015 effective wef 1/4/2016 for Assessment Year 2016-17(Financial Year 2015-16).
     
  9. RADHE SHYAM DARAK

    RADHE SHYAM DARAK New Member

    Financial Year & Previous Year both are same for the purpose of Income Tax.
     
  10. Anil121

    Anil121 New Member

    Thank you
     
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