Tax benefit from NPS

Share
Share This Thread
  1. 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?
     
  2. nafeesa

    nafeesa Member

    financial year 2015-16
     
  3. Anil121

    Anil121 New Member


    Madam as given in the highlighted part, it says previous yrar. 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:
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
HRA Benefit incase Home in Joint Name Income Tax Mar 19, 2018
80C benefit Income Tax Mar 19, 2018
Tax benefit on Joint Home Loan In case of single Payee Income Tax Feb 9, 2018
Can We take Tax benefit if possession of flat is in Feb month Income Tax Jan 17, 2018
How can one avail the tax benefits on housing loan in India? Income Tax Dec 18, 2017