February 16, 2016

IT dept  gave the follwing  clarification vide  F.No CCIT/Tech/67/2015-16 dt 12.2.2016.

If employees having savings Rs  1.50 lakhs  excluding CPS deduction , they can avail Rs 50000   deducted towards CPS as additional savings   towards nps under  80CCD(1B)
If the employees less than 1.5 lakh savings  U/c 80C and exceeds Rs 50000 towards CPS(NPS), They can split the CPS  amount in 80CCD(1)  as CPS and 80CCD(1B)

 In result to the above carification cps employees need not subscribe to NPS separately and they are treated as NPS subscribers and allowed additional  savings upto Rs 50000 U/s 80CCD(1).

So in total CPS emloyees can save upto Rs 2 lakhs  including  80C.

CPS క్రింద డిడక్ట్ అయిన అమౌంట్ ని

1) 1.5 లక్షల లిమిట్ ఉన్న U/s 80C లో భాగం అయిన 80CCD (1) క్రింద కాని లేదా 50,000/- లిమిట్ కలిగిన U/s 80CCD(1B) కాని చూపించవచ్చు.

2) రెండు 80CCD(1) లో కోంత మరియు 80CCD(1B) లో కోంత అమౌంట్ ను పెట్టు కోవచ్చు.

As per the clarification given by IT department on 12.2.2016 regarding CPS.

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