7.5 lakh applies to employer contributions to nps, pf, and. Invest in ppf, elss, epf, nsc, and life insurance under 80c, and add nps. Employee contributions under 80ccd (1) and 80ccd (1b) are not available in the new regime.
Since only employer's contribution is allowed under this section, self employed individuals cannot. An overall cap of rs. Under the new income tax regime introduced by section 115bac of the income tax act, 1961, most deductions are disallowed.
Therefore priya can only claim 1,40,000 rupees as a deduction. Section 80ccd (2) provides deduction for nps contribution amount made by the employer. However, one notable exception is. How to maximize tax benefits from 80c, 80d, 80g, and 80ccd (1b) combine 80c and 80ccd (1b):
If you've exhausted 80c limit,. Factors to consider when deciding whether to continue investing in ppf, ssy, and nps under the new tax regime, several factors should be taken. Covers investment in pension funds of lic or approved insurers. Yes, you can still opt for tax deduction under section 80ccd (2) as it is the contribution by employer to nps and its maximum limit is 10% of your (basic+da).
Section 80c provides a deduction of up to ₹1.5 lakh from gross total income.