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Private fund managers are important parts of NPS. Section 80CCD. Section 80CCD of the Income Tax Act, 1961 allows Income Tax deductions to individual tax assessee on the contribution made towards the notified pension schemes from the Central Government that is also known as New Pension scheme. National Pension Scheme (NPS) being one of the pension scheme referred to in section 80CCD of the Act, contribution made by the employer in account of an employee under such scheme is included in the definition of salary in view of provisions of section 17(1)(viii) of the Act and is assessed as such in the hands of employee-assessee. Section 80CCD deals with contributions made to two Government pension schemes: National Pension Scheme (NPS) & Atal Pension Yojana (APY). There are two parts to this section: Section 80CCD (1): It deals with tax deductions for employees of Central Government/Other/ Employer/Self-employed. Contribution under section 80CCD(1B) is not covered by cumulative ceiling which is given in point No. 6 (infra). Deduction in respect of Contribution to a National Pension Scheme (NPS) [Section 80CCD] The following are salient features of Section 80CCD : (1) Deduction of an Employee’s/ Assessee’s Contribution [Section 80CCD(1)]: NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee.

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The scheme provides the subscribers to NPS Higher Return with Tax Benefits under Section 80C, 80CCD (1), 80CCD (1B) & 80CCD (2). The Section 80CCD of the Income Tax Act provides income tax deductions when an individual makes a contribution towards notified Pension Scheme declared by the Government of India which is known as the National Pension Scheme (NPS). These deductions under Section 80CCD can be claimed only by the individuals and not by HUFs. To know more about Section 80 CCD(1B), click here - https://cleartax.in/s/section-80-ccd-1bIf you plan your taxes carefully, you can save a significant amoun Scheme wise Returns.

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The Section 80CCD provides tax deductions to income tax assessees who have made contributions to the National Pension Scheme (NPS) as well as on contributions made by an employer for the same reason. There are two parts of this section namely: Section 80CCD is one of the popular sections after Section 80C with regards to tax deductions of the Income Tax Act, 1961.

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Pension Scheme under Section 80CCD:- Only Central Government employees are eligible for this deduction and contribution shall have lock-in period of 3 years. ** All the above mentioned deductions would be eligible only on payment basis and not on due basis i.e it would be allowed as deduction only when it is actually paid during the previous year. Section 80CCD1B of the Income Tax Act was brought into the ambit of section 80 CCD with effect from April 1, 2016. According to the Income Tax Act, all individuals who are eligible for claiming tax deduction under section 80CCD 1 can claim an additional deduction of Rs 50,000 for their contribution to pension schemes. Thirdly, the contribution made by the central government or any other employer i.e. private employer to a pension scheme under section 80CCD(2) shall be excluded from the limit of Rs.1.5 lakh.

NPS is one of the most popular options available to individuals looking to create a corpus for their retirement along with a regular monthly income.The money deposited in NPS is invested in a variety of securities and investment avenues including equity market. Under the existing provisions contained in sub-section (1) of section 80CCD of the Income-tax Act, 1961 if an individual, employed by the Central Government on or after 1st January, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction 2020-08-13 · Section 80CCC provides tax deductions on buying a new policy or continuing a policy that pays pension with deductions going up to Rs.1 lakh per year on any expenses incurred in buying or maintaining the policy. The Section 80CCC deals with tax deductions on annuity plans from the Life Insurance Corporation of India (LIC) and other insurers. 2021-03-30 · Section 80CCD is one of the popular sections after Section 80C with regards to tax deductions of the Income Tax Act, 1961.
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Section 80CCD deals with a tax deduction and reliefs given for contributions made to the pension fund account.

Introduced by the Central Government, NPS is a scheme for the Indian citizens. At least 80% of the accumulated corpus need to be utilized for the purchase of annuity providing for monthly pension of the subscriber. The balance 20% can be paid as a lump sum payment to the subscriber. If the corpus is less than Rs 1 Lakh then the subscriber may opt for 100% lump sum withdrawal.
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The New Pension Scheme (NPS scheme) was launched a few years back. But we still see a lot of us who are yet to take benefit of this scheme. Unfortunately, the reason is mostly lack of awareness.