CPS Trs can Deduct ₹.1,50,000 in u/s 80C & additional amt ₹.50,000/- shall also deduct in under Section 80CCD(1B) (NPS)..clarification
Sub: Clarification Deduction u/s 80CCD (1B) of Income Tax Act, 1961-reg.
Ref: Your email dt. 24.02.2017
Please refer to the above, seeking clarification regarding claiming of deduction u/s 80CCD(1B) for contribution made by you towards Contributory Pension Scheme (CPS)
2. It is hereby clarified that a State Government employee who have investments/savings of Rs.1.50.000/- and also made contribution towards CPS (NPS). the Government employee can claim deduction u/s 80C upto Rs.1.50.000/- for investments/savings and also can claim deduction u/s 80CCD(1B) for an additional amount of Rs.50,000/- towards contribution made towards CPS (NPS). It may be noted that tax deduction on CPS (NPS) is available only for Tier-1 account.
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