80 CCC in 2015 budget

[Guest]

Hi ,

We know that 80 CCD(1) limit in NPS has been extended to 50000 in 2015 budget over and above 1.5 lakhs INR 80 C limit we had earlier. I have following questions to be clarified.

1. I had a contribution to NPS through 80 CCD(2) which is over and above 1.5 lakhs limit, because it was employer contribution. Now, this 50000 limit is also for 80 CCD(2) ?

2. contribution to NPS is max 10% of basic. So does it mean both 80 CCD(1) and 80 CCD(2) will be max 10% of basic ?

3. earlier 80 CCC pension plans (icici prulife) used to go through 80 C limits only, i.e 1.5 lakh inr. Now in 2015 budget can this be accomodated in extra 50000 INR savings ?

4. Assuming I deposit 35000 to NPS through 80 CCD(2), how much I can contribute to NPS more to get maximum tax benefit ? my 80 CCC is also 15000 per annum.

5. What the new avenues of saving tax this year assuming i already have consumed 1.5 lakhs inr ?

regards

AI Summary

Additional deduction for NPS contributions raises whether employer contributions and legacy pension plans qualify for extra relief. An additional deduction for National Pension System contributions was introduced distinct from the general aggregate investment ceiling. The inquiry focuses on whether this extra deduction covers employer contributions as opposed to employee contributions, how the salary percentage contribution limit applies to each contribution head, and whether prior pension plan deductions remain within the general investment ceiling or qualify for the new separate relief.