My employer has refused to contribute for the additional tax deduction of ₹50,000 available under Section 80CCD(1B). He said I need to invest outside. Can you please tell me where to invest for getting this additional benefit?
- Puneet Swaroop
Your contributions to National Pension System (NPS) qualify for additional tax deduction of ₹50,000 under Section 80CCD(1B). However, your employer will not contribute for this. You have to make voluntary contributions to NPS if you want to claim this additional tax deduction.