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Additional tax benefit of Rs 50,000

Contributions to NPS qualify for additional tax deduction of Rs 50,000 under the newly-introduced Section 80CCD(1B)

21-Sep-2015•Research Desk

I am working in a private limited company. The company is deducting 12% of my basic salary for EPF contribution and I invest some amount in other tax saving instrument to complete ₹1.5 lakh tax exemption permitted under Section 80C. Can I get additional tax benefit of ₹50,000 in NPS u/s 80CCD?
- Alok Mehta

Contributions to NPS qualify for additional tax deduction of ₹50,000 under the newly-introduced Section 80CCD(1B). The deduction is over and above ₹1.5 lakh allowed under Section 80 C of the Income Tax Act.

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