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CPS Employees Additional Benefit 50000 in Income Tax 2017-18 on 80CCD(IB) Deductions for CPS (NPS) Clarification

Posted by CET Notification 2019 | Online Apply Dates | Model Papers | Answer Key | Syllabus | Results on Tuesday, February 20, 2018

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CPS Employees can avail exemption 80CCD (1) & 80C : Amount deducted in their salary towards CPS up to 50000/- additionally if their deductions under 80c exeeds 1.5Lakh and if their deduction under 80c more than 1.5 lakhs including CPS amont, they can split the CPS amont into 80C and 80CCD(1B) and get additional benifit, 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  2017-18 Clarifications

CPS Employees Additional Benefit 50000 in Income Tax on 80CCD(IB) Deductions for CPS (NPS) Clarification
CPS Employees Additional Benefit 50000 in Income Tax 2017-18
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 2017 -18 Clarification of 80CCD 1B Copy Download 
* Income tax Update Software 2017-18 Download 

CPS Employees under Section 80CCD exclusive tax benefit of Rs. 50,000 u/s 80CCD(1B) has made an investment option for saving tax.Additional Rs.50000 tax benefit for NPS (CPS) employees, tax benefit available under national pension system (nps),tax benefit under sec 80cc d(1),tax benefit under sec 80cce.
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