Amendmend in Sec 80CCD

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  1. Abdurahiman

    Abdurahiman New Member

    Sir in Union Budget 2015, it is proposed to omit Sec 80CCD(1A). Earlier the deduction to NPS was limited by Rs.100,000 by this sub section. By omitting this section, i think, this maximum limit was eliminated and now only the limit was as Maximum 10% of Salary. But in many websites and newspapers, it is read that the limit of 80CCD(1) was increased from Rs.1 Lakh to 1.5 lakh. Is it true? Is there any individual maximum limit for 80CCD(1)? Or Do they mean the Overall Limit of 80CCE? Please clarify...
    In addition a new sub section 1B is insrerted allowing an additional deduction of Rs.50,000

    Please give deductible amounts and under which section in the following cases:-
    Case 1 : I have an yearly salary of Rs.5 Lakhs and investing 50,000 in NPS. I have other investments in 80 C for Rs. 1,50,000.
    How much can I claim as deduction and under which section?

    2) What will happen in this case, if my 80C deduction is Rs.120,000?
    3) What will happen, if my 80C deduction is only Rs.60,000?
    4) What will happen if my 80C Deduction is 90,000 and I am investing Rs.80,000 (More than 10% of my salary) in NPS?
    Your valuable suggestions are expected...
     
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