Section 80CCD of ITA, 1961 : Section 80Ccd: Deduction In Respect Of Contribution To Pension Scheme Of Central Government
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma is a government employee who joined service on January 15, 2004. In the financial year 2022-2023, his salary, including dearness allowance (as per his terms of employment), amounts to INR 10,00,000. Mr. Sharma decides to contribute to the National Pension System (NPS), which is a pension scheme notified by the Central Government.
Under Section 80CCD(1), Mr. Sharma can claim a deduction for his contribution to the NPS. The maximum deduction he can claim is 10% of his salary, which is INR 1,00,000 (10% of INR 10,00,000).
Additionally, Mr. Sharma decides to contribute an extra INR 50,000 to his NPS account. Under Section 80CCD...
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