Page 5 - HDFC Bank TPP Flipbook

Income Tax Eligible Assessee Deductions Limit of Deduction
Section
20. Contribution to a specified account of the
pension scheme referred to in section
80CCD by Employee of the Central
Government
(a) for a period of not less than 3 years; and
(b) in a scheme which is notified by the
Government
80CCC Individual Payment made out of taxable income to LIC or As per Section
to any other approved insurer under approved 80CCE, the aggregate
Pension Plan does not exceed r 1,50,000 amount of deduction
u/s 80C, 80CCC and
80CCD(1), shall not
in, any case, exceed
r1,50,000
80CCD(1) Individual (1) Amount paid or deposited in his account As per Section
under a pension scheme notified by the 80CCE, the aggregate
Government amount of deduction
u/s 80C, 80CCC and
Deduction available in case of: 80CCD(1), shall not
(a) Employee – Amount paid/deposited in, any case, exceed
or 10% of salary in the previous year, r 1,50,000
whichever is lower.
(b) Others – Amount paid /deposited or Amount contributed
20 % of Gross Total Income, or 10% of Salary
whichever is lower
(14% in case of
(2) Contribution by Central Government and Central Government
any other Employer in employee account employee) in the
under a pension scheme notified by the previous year,
Government whichever is lower
Contribution to NPS and returns on NPS
are tax free but withdrawals are still taxable.
80CCD(1B) Individual Assessee can contribute an additional r 50,000 r 50,000
over and above Section 80CCD

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