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CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20

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CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20

AP / TS CPS ఉద్యోగ, ఉపాధ్యాయుల Income Tax Assessment సంబంధించి 80C - 80CCD1A, 80CCD1B గురించి - (రాష్ట్ర ఖజానా శాఖ) DTA క్లారిఫికేషన్. AP CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20. NPS Tax Benefits – Sec.80CCD(1), 80CCD(2) and 80CCD 1B for CPS Employees. 80ccd1b pdf 80ccd1b clarification by income tax department, cps deduction meaning 80ccd2, nps tax benefit for government employees, cps employees 80ccd1b clarification by income tax department pdf 80ccd1b circular and nps tax benefit 2019-20. While communicating copy of the reference 1st cited,all the DDs of the DTs in the state are hereby informed that, the Income Tax Officer (H.Qrs) (Tech) O/o Pr.CCIT, AP and Telangana, Hyderabad have clarified that,if the individual having savings of Rs 1,50,000 under 80C, excluding CPS deduction , the incumbent can avail RS. 50,000/- which is deducted towards CPS (NPS)under 80CCD(1B).



CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20

It was also clarified therein that the incumbent can split the CPS(NPS) amount in 80CCD(1) and 80CCD(1B) if the employee have less than Rs.1,50,000/- savings in 80C and exceeds RS. 50,000/- towards CPS(NPS). They are therefore requested to follow the above instructions for strict compliance Clarifications for CPS Employees on 80CCD(IB) Deductions for CPS (NPS).
 
CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20

CPS (NPS) Income Tax - Clarification on 80CCD(1B)

CPS ఉద్యోగ, ఉపాధ్యాయుల Income Tax Assessment సంబంధించి 80C - 80CCD1A, 80CCD1B గురించి - (రాష్ట్ర ఖజానా శాఖ) DTA క్లారిఫికేషన్
  1. వ్యక్తిగత సేవింగ్ (80C) 1.50 లక్షలు దాటితే/ పూర్తి అయితే.., CPS మొత్తాన్ని 80 సీసీడి (B) క్రింద Rs 50వేల వరకు డెడక్షన్ చేసుకోవచ్చు.
  2. 80 సీసీడి (1B)CPS మొత్తం 50,000/- దాటి, ఇంకా అమౌంట్ వుంటే 80C క్రింద 1,50000 సేవింగ్ లేకుంటే మిగిలిన CPS మొత్తాన్ని 80C క్రింద స్ప్లిట్ చేయొచ్చు.

How to benefit 80CCD(1B) for CPS Employees

Personal Savings 1.35 lakhs
CPS Deductions Rs 65 thousands.
80C : 1,35,000 + 15000 (From CPS)
Remaining balance 50,000/- under 80CCD(1B)
Total Benefit for CPS Employees Under 80C+80CCD(1B) = 2,00,000/-



Benefits for existing NPS subscribers

Nature Section Maximum deduction Note
Deduction for employer contribution 80CCD(2) 10% of salary (no monetary limit) Outside of 80C and 80CCD(1B) limits
Deduction for employee’s contribution 80CCD(1) 10% of salary, max up to Rs.1,50,000 Within Section 80C
Self contribution to NPS 80CCD(1B) Rs.50,000 In addition to 80C and 80CCD(2)

Is 80ccd 1b part of 80c?

First, the employee's contribution under Section 80CCD(1). This deduction is under the overall Rs 1.5 lakh limit under Section 80C. ... The third is the new Section 80CCD(1B) under which a taxpayer can claim deduction for voluntary contribution of up to Rs 50,000.
What is 80ccd exemption?

Section 80CCD (1)

The deduction is restricted to a maximum of 10% of salary for salaried employees and 10% of gross income for self-employed taxpayers, i.e. taxpayers who are not salaried employees. Here, salary refers to the total of basic pay and dearness allowance.

S.No.
FY 2019-20 IT Developed Name
Download
1 C.Ramanjaneyulu Income Tax Software FY 2019-20 Click Here
2 KSS Prasad Income Tax Software FY 2019-20 Click Here
3 Putta Srinivas Reddy Income Tax Software FY 2019-20 Click Here
4 Vijay Kumar Income Tax Software FY 2019-20 Click Here
5 Mobile Version Income Tax Software FY 2019-20 Click Here
6 Seshadri Income Tax Software FY 2019-20 Click Here
7 Model School Teachers Income Tax Software FY 2019-20 Click Here
8 Pensioners / Retired Teachers/ Employees Income Tax Software FY 2019-20 Click Here
9 Income Tax New & Old Tax Compare Software FY 2020-21 Click Here

Is NPS deduction over and above 80c?

50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act.

How do I claim deduction under section 80ccd 1b?

Contributions made towards Tier 1 are tax deductible and qualify for deductions under Section 80CCD(1) and Section 80CCD(1B). This means you can invest up to Rs. 2 lakh in an NPS Tier 1 account and claim a deduction for the full amount, i.e. Rs. 1.50 lakh under Sec 80CCD(1) and Rs 50000.

How do I claim my NPS deduction?

There is a deduction of up to Rs. 1.5 lakhs to be claimed for NPS – for your contribution as well as for the contribution of the employer. – 80CCD(1) covers the self-contribution, which is a part of Section 80C. The maximum deduction one can claim under 80CCD(1) is 10% of the salary, but no more than the said limit.

Can I invest more than 50000 in NPS?

Also, from FY 2015-16, you can invest an additional amount of Rs. 50,000 (or more) to your NPS Tier I account and claim tax deduction on the same, subject to a maximum of Rs. 50,000. You may note that NPS is now the only investment vehicle which allows you this additional tax deduction under section 80 CCD (1B).

Is Tier 2 NPS taxable?

Unlike the Tier 1 NPS Account, Tier 2 NPS Account does not qualify for tax rebate under section 80C of the Income Tax Act. This is because NPS Tier 2 Account does not have a locking period for funds which Tier 1 Account has. However, withdrawals are taxed according to the time at which withdrawal is made.

Can I claim deduction on both my own and my employer's contribution?

Can I claim deduction on both my own and my employer's contribution? A resounding yes! If you employer is contributing to your NPS account you can claim deduction under section 80CCD(2). There is no monetary limit on how much you can claim, but it should not exceed 10% of your salary.

What all comes under 80ccd?

Section 80CCD deals with contributions made to two Government pension schemes: National Pension Scheme (NPS) & Atal Pension Yojana (APY). There are two parts to this section: Section 80CCD (1): It deals with tax deductions for employees of Central Government/Other/ Employer/Self-employed.
CPS Employees 50000 Deduction in Income Tax 80CCD(1B) - DTA Clarification on 80CCD(1B) FY 2019-20. CPS(NPS) Income Tax - Clarification on 80CCD(1B) ay 2020-21. CPS Employees 80CCD 1B Additional Benefit clarification.
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