You can claim an additional tax deduction of up to Rs 50,000 on contributions to NPS under Section 80CCD(1B)
I am contributing ₹1.5 lakh in Public Provident Fund (PPF) account every year. How much I need to contribute in NPS per year to claim deduction under Sec 80CCD(1B)?
- Sourav Dutta
Since you are already claiming the maximum tax deduction of ₹1.5 lakh available under Section 80C of the Income Tax Act, you can claim an additional tax deduction of up to ₹50,000 on your contribution to NPS under Section 80CCD(1B).
This article was originally published on December 09, 2015.
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