Web16 jan. 2013 · Section 80CCC of Income Tax Act deals with the deductions and income in respect of contributions to certain Pension funds by an individual assessee Payment of premium for annuity plan of LIC or any other insurer. Deduction is available upto a … Web11 apr. 2024 · Similarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section …
Save more tax via NPS by investing Rs 50,000 additionally
Web24 feb. 2024 · Tax Deduction under 80CCD(1) on NPS investment by Self-employed individual: The self-employed (individual other than the salaried class) can contribute up to 20% of their gross income and the same can be deducted from the taxable income under Section 80CCD (1) of the Income Tax Act, 1961. Web29 mrt. 2024 · Rs. 50,000 (FY 2024-21) Available as a deduction from the gross salary. House Rent Allowance (HRA) Salaried employees receiving HRA. Actual HRA received or 50% or 40% of salary (depending on the city of residence) or Rent paid minus 10% of salary. The employee must be paying rent for the accommodation occupied. dr con sreenan barringtons
NPS Income Tax Benefits FY 2024-21 Old & New Tax Regimes
Web21 okt. 2024 · NPS subscribers can claim tax benefits on investment upto Rs. 1.5 lakh under section 80C of the Income Tax Act, 1961. The deduction comes under the overall upper limit of Rs. 1.5 lakh under section 80C. Tax Benefits on Returns. NPS returns are market linked and therefore returns depend on the performance on broader market … Web26 feb. 2024 · Currently, Section 80CCE allows an individual to deduct up to Rs.1.5 lakh from gross total income (before calculating tax payable) if this Rs. 1.5 lakh is invested in … Web24 mrt. 2024 · There are three sections under the Income-tax Act that allows individuals to claim deductions for the money invested in NPS: (i) Section 80CCD (1): This deduction comes under the overall umbrella of section 80C with a maximum investment limit of Rs 1.5 lakh in a financial year. energy consulting europe gmbh