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
Click here to Download the clarification by the IT Dep of Telangana and AP
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
- If the CPS teacher/ employee have savings Rs.1.5 lakh under 80(C) excluding CPS deduction.
- The incumbent can avail additional Rs.50000/- of CPS amount. . under 80 CCD(1B) the amount which was deducted towards CPS(NPS).
- 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).
Click here to Download the clarification by the IT Dep of Telangana and AP
