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80CCD

Should 80CCD(1B) Be calculated first that 50,000 and then balance to be checked in 80CCD(1) Always??


Nikhil Vasanth

Nikhil Vasanth

CA Inter

4K+

14-May-22

47

Answers (4)

Not necessary. If you have 80C deductions for 1,50,000 already then you can claim the same under 80CCD(1B). The additional deduction of Rs. 50,000/- under Section 80CCD(1B) is available to assess over and above the benefit of Rs. 1.50 Lakhs available as a deduction under Sec 80CCD(1). Thereby, raising the maximum limit of exemption to Rs. 2.00 Lakhs with Section 80CCD(1) + Section 80CCD(1B). For instance, consider yourself as an individual who is making investments of Rs. 1,50,000 under Section 80C (PPF, Tax Saver FD , ELSS etc). Now, you have decided to contribute Rs. 70,000 per annum towards the NPS. You can now claim a deduction of Rs. 2.00 Lakhs, i.e. Rs. 1.50 Lakhs under Sec 80C and Rs. 50,000/- under Section 80CCD(1B).


shalu Muthukumar

shalu Muthukumar

CA Final

955

14-May-22

yes


Yoga Vishnu

Yoga Vishnu

Moderator

18-May-22

All the best
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