80ccd(1b): Learn how to claim an

Learn how to claim an additional tax deduction of up to ₹50,000 for investing in pension schemes like NPS or APY under Section 80CCD (1B). Compare this section with Section 80CCD (1) and Section 80CCD (2) and their eligibility, limit, and benefits. Section 80CCD (1B) provides an additional deduction of ₹50,000 for contributions made by the taxpayer to the National Pension System (NPS), over and above the deductions available under Section 80C and 80CCD (1). This deduction is not available under the new regime u/s 115BAC. Section 80CCD (1B) provides a unique opportunity to claim an additional tax deduction of up to ₹50,000 on contributions made to the National Pension System (NPS) Tier I account. This deduction is in addition to the ₹1.5 lakh limit under Section 80C, 80CCC, and 80CCD (1), allowing individuals to save up to ₹2 lakh annually. This blog will guide you through how to get the maximum benefit from this section and how it complements other tax-saving provisions. Section 80CCD(1B) presents a valuable opportunity for taxpayers to reduce their taxable income further by making contributions to the National Pension System (NPS). This specific provision allows for an additional tax deduction, beyond other common deductions, for those investing in NPS. This article explains what Section 80CCD(1B) is, who can benefit from it, the deduction amount, any conditions attached, and how it can significantly boost your tax savings efforts. Understanding this section ca