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What is 80CCD Deductions for CPS Employees about?

Section 80CCD provides income tax deductions for contributions to pension schemes for Central Government employees under the Contributory Pension Scheme (CPS). Under 80CCD(1), employees can deduct up to 10% of their salary contributed to the NPS Tier 1 account. Under 80CCD(2), the employer contribution to the NPS account is also deductible. A new provision 80CCD(1B) allows an additional deduction of up to Rs. 50,000 for NPS contributions. However, the total deductions under 80C, 80CCC, and 80CCD(1) cannot e

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vinodtiwari808754

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EN