Contributions to NPS qualify for additional tax deduction of Rs 50,000 under the Section 80CCD(1B)
Can self employed people also get additional ₹50000 benefit in NPS over and above the ₹150000 limit of 80C?
- Dr Meenu Chadha
Yes, contributions to NPS that qualify for additional tax deduction of ₹50,000 under the Section 80CCD(1B) are also allowed to the self employed. The deduction is over and above ₹1.5 lakh allowed under Section 80 C of the Income Tax Act.
This article was originally published on June 30, 2016.
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