Author Topic: Additional Rebate of Rs. 50000 to NPS contributors.  (Read 2701 times)

Pankaj Sial

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Additional Rebate of Rs. 50000 to NPS contributors.
« on: January 12, 2016, 10:41:52 AM »
Congratulations to National Pension Scheme (NPS) contributors. They can have an additional rebate of Rs. 50000. This additional rebate of Rs. 50,000 is over and above the rebate of Rs. 1,50,000  under Section 80C. Therefore, now the total rebate under Section 80C + Section 80CCD = Rs. 2 Lac. First  50000 of contribution in NPS is preferred to be claimed in 80CCD(1B) and balance in 80CCD(1)

Example :
Suppose that Salary is Rs. 13,00,000 and say you have deposited Rs 60000 in PPF,  Rs 25000 as LIC premium and contributed RS 130000 in National Pension Scheme (NPS).

Solution:
Total Salary = 13,00,000

Deductions:  (Take 80CCD(1B) first) :

(i)   80CCD(1B) : CONTRIBUTION TO NPS = 50,000

(ii)   80CCE  (Sum of 80CCD(1)  &  80C) :
              (a)  80CCD(1) :  (1,30,000 - 50,000) = 80,000
              (b)  80C :   ( 60000 + 25000 ) = 85,000

                Total Deductions u/s 80CCE :
                     = 85000 + 80000 = 165000 (But it is restricted to Rs.1,50,000)

               Eligible Deductions u/s 80CCE : 150000

Total of 80CCD(1B)  &  80CCE : = 50000 + 150000 = 2,00,000
TOTAL TAXABLE  INCOME : 13,00,000 - 200000 = 11,00,000

pulkit verma

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Re: Additional Rebate of Rs. 50000 to NPS contributors.
« Reply #1 on: January 12, 2016, 04:11:25 PM »
but no one is telling how to invest such rs. 50000.What is the proceedure?

puneet garg

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Re: Additional Rebate of Rs. 50000 to NPS contributors.
« Reply #2 on: January 19, 2016, 02:13:55 PM »
10% first invested in NPS is not under 80ccd 1b. see calculator on incometax india

iss

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Re: Additional Rebate of Rs. 50000 to NPS contributors.
« Reply #3 on: January 28, 2016, 01:40:12 PM »
sir jo hmara 10% pay se cut hota hai wo hum income tax calcultor me kahan fill krenge?
or jo govt. waale 10% daalte hain wo income tax calcultor me kahan fill krenge ?

or jo additional 50000 pe rebate hai wo kis clause me aayega?uske liye kya hume apni tarf se deposit karwaane padenge?

iss

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Re: Additional Rebate of Rs. 50000 to NPS contributors.
« Reply #4 on: January 28, 2016, 01:56:02 PM »
for ex. income tax calculator me  deduction ke under ye column aa rahe hain

Contribution toward NPF=
Employee's / Self-employed contribution toward NPS (up to 10%) (u/s 80CCD) =
Additional contribution towards NPS [u/s 80CCD(1B)] =
Employer's contribution toward NPS (up to 10%) (u/s 80CCD)=

in columns me hmari pay ki 10% deduction kahan fill krni hai?
or baaki columns bhi btaayiye
thanx

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Re: Additional Rebate of Rs. 50000 to NPS contributors.
« Reply #5 on: February 21, 2017, 06:54:51 AM »

 

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