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CPS Employees Additional Benefit 50000 in Income Tax on 80CCD(IB) Deductions for CPS (NPS) Clarification

Posted by SA 1/ Summative 1 Question Papers Answer Key Syllabus Project works Results Loan Dates DA table on Monday, February 20, 2017

CPS Teachers and Employees clarification of Income Tax Additional Benefit of Saving in 80 CCD ( 1B) as per Vide F No. PR CCIT/Tech/67/2015-16 Dated 12.2.2016 Income Tax Department has given clarification regarding CPS Deductions under 80 CCD (IB) and for CPS (NPS) Employees. The Important Clarifications useful when the CPS Deductions exceeds Rs.50000/- and also when the Total Deductions exceeds 1,50,000/- excluding CPS Deductions.

CPS subscribers additional Benefit in IT  2015-16 Clarifications

          If Employees have savings Rs. 1,50,000 under80C excluding CPS Deductions, Then the Employee can show their CPS Deductions, under 80 CCD(IB), which is over the 1,50,000 Limit. This is useful for the Senior Employees whose Total Savings excluding CPS Deductions under 80C are more than 1.50 Lakhs.
        If the Employee have less than 1.5 Lakh savings in 80C and exceeds 50,000 towards CPS (NPS), then the Employee can split their CPS Amount to 80CCD(1) and 80CCD(IB).

* CPS Employees income tax 2016 -17 Clarification of 80CCD 1B Copy Download 
* Income tax Update Software 2016-17 - Download 

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