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Deduction up to rs.
Section 80ccd 2. Under section 80ccd 1 contribute 10 of basic da max 1 5 lakhs as part of 80c. 0 50 lakhs under section 80ccd 2 with employer s contribution deduction up to rs. National pension scheme nps is the scheme notified by the central government.
Deduction under section 80ccd 2 is not allowed to self employed individual because there is no any employer employee relationship exist. The same can be claimed as a deduction by the employee however as per section 80cce aggregate of 80c 80ccc and 80ccd cannot exceed inr 1 50 00 only section 80ccd 1b can be claimed as an extra. Salaried employees also gets the tax benefit on employer contribution to his or her nps account.
No section 80ccd 2 can be claimed when employer contributes in nps of the employee there is no restriction on the amount of deduction of 80ccd 2. This has thereby raised the maximum deduction available under section 80ccd to rs. Income tax deductions section is for investments made in a pension scheme notified by the central government.
Section 80ccd 2 employer s contribution up to 10 of basic plus da is eligible for deduction under this section. This section deals with providing tax deductions to all assessees whether employed by the government any other employers or self. 80ccd 1 deals with the investment or contribution made by an employer to such a pension scheme whereas section 80ccd 2 deals with employer contribution to an employee s pension account.
A complete guide on section 80ccd 2 of income tax act. Maximum amount allowed as deduction under section 80ccd 2 is lower of. The section 80ccd 1 along with section 80c has investment limit eligible for tax deduction as rs 1 5 lakhs.
In all he can save rs 2 lakhs tax u s 80c and 80ccd 1b. Ii section 80ccd 2 the provisions under section 80 ccd 2 come into effect when an employer is contributing to the nps of an. There are two parts of this section namely.
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