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Key Notes: Combined Deduction Limit: The total deduction under Sections 80C, 80CCC, and 80CCD (1) is capped at ₹1,50,000, except for the additional ₹50,000 under Section 80CCD (1B). Taxability Differences: While some instruments under Section 80C (like PPF) offer tax-free returns, Sections 80CCC and 80CCD often involve taxable payouts. Employer Contributions: Section 80CCD (2) allows an additional deduction for employer contributions to NPS, which is separate from the combined limit ... Explore the Income-tax Act, 1961, with comprehensive sections and provisions for understanding tax regulations and compliance in India. However, if a person wishes to claim deduction in excess of Rs. 150,000, he/she can avail the deduction of Rs. 50,000 over and above the Rs. 150,000 aforesaid through investing in the notified pension schemes u/s 80CCD. The notified schemes are governed by the National pension system trust. What is Section 80CCD (1B)? Section 80CCD (1B) is a provision under the Income Tax Act, 1961 in India that allows you to claim an additional deduction of up to ₹50,000 from your taxable income for contributions made to the National Pension System (NPS). This NPS tax benefit is over and above the ₹1.5 lakh limit available under Section 80C.
