Income Tax Department
clarification on CPS Deductions under 80CCD | Good News to CPS Holders |
Clarification on deductions section
Income Tax Department of Telangana has clarified that employees who more than Rs.1,50,000/- savings under 80CCD they can show their CPS deductions under 80CCD(1B) IT Department clarifies those who are more savings except CPS in Savings can avail CPS deduction U/s 80CCD(1B)
Income Tax Dept has been clarified that
1.
If the CPS teacher/ employee have
savings Rs.1.5 lakh under 80(C) excluding CPS deduction.
2.
The incumbent can avail additional
Rs.50000/- of CPS amount. . under 80 CCD(1B) the amount which was deducted
towards CPS(NPS).
3.
If the incumbent have less than
1.5 lakh Savings in 80(C) and exceeds Rs.50000/- towards CPS(NPS)... Then
CPS(NPS) Amount can split in 80CCD(1) and 80CCD (1B).