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While it is mandatory for government employees for other individuals it is voluntary.
Deduction under section 80ccd. The deduction is restricted to. With effect from assessment year 2016 17 sub section 1a of section 80ccd which laid down maximum deduction limit of rs. 1 00 000 under sub section 1 has been deleted.
50 000 available under sub section 1b. I deductions under section 80ccd are available to salary as well as self employed individuals. Find out the deduction under section 80c for ay 2018 19.
Maximum of 10 of salary for salaried employees and. The deduction is limited to a maximum of 10 of salary basic dearness allowance only in case of salaried employees and 10 of gross income in case of self employed taxpayers. Ii the maximum limit of deduction available under section 80 ccd is rs.
This section deals with providing tax deductions to all assessees whether employed by the government any other employers or self employed individuals. 1 50 000 on your taxable income from tax saving instruments and investments. The maximum deduction available under section 80ccd has been raised to rs 2 00 000 after the addition of this amendment.
Employee s contribution section 80ccd 1 is allowed to an individual who makes deposits to his her pension account. Under section 80c of the income tax you are eligible to claim deductions up to rs. Further a new sub section 1b is inserted to provide for additional deduction to the extent of rs.
Deductions under 80ccd 1 are limited to inr 1 5 lakh per year and an additional deduction of inr 50 000 can be claimed under section 80ccd 1b taking the maximum deduction limit to inr 2 lakhs. A complete guide on income tax deduction under section 80c 80ccd 1 80ccd 1b 80ccc. Eligibility for claiming section 80ccd deductions here is the eligibility criteria for claiming deductions under section 80ccd of income tax act 1961.
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