Join My whatsapp GroupClarifications for CPS Employees on 80CCD(IB) Deductions for CPS (NPS)
Clarifications
for CPS Employees on 80CCD(IB) Deductions for CPS (NPS)
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.
The Clarifications given are as
follows:
If Employees have
savings Rs. 1,50,000 under 80C 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).
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