AKC&Associates is a Domchanch Based Accounting and Taxation Firm, established by young and advanced Chartered Accountants to provide best in house Tax advisory, Accounting and Auditing services.
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J
Jigar
My gross income is 13,84000. I have donated 5 lc to political party to under 80ggc, to take benefit. I want to know that is this proper?? Can I claim total 5lc under 80ggc??
Yes 100% deduction can be claimed for donation to political party or electoral trust under section 80ggc.
Buy yes payment should be made from only banking channel. No deduction for cash donation.
P
Praveen
I contribute to section 80C for 1.5lakhs per year by investing in PPF, NSC. Can I contribute to NPS for 50,000 and claim it under 80ccD? or should I contribute the initial allowed investment of 1.5lakhs under NPS only to avail the extended benefit of 50,000 deduction?
Contributions made towards Tier 1 are tax deductible and qualify for deductions under Section 80CCD(1) and Section 80CCD(1B). This means you can invest up to Rs. 2 lakh in an NPS Tier 1 account and claim a deduction for the full amount, i.e. Rs. 1.50 lakh under Sec 80CCD(1) and Rs. 50,000 under Section 80CCD(1B).
CA Aditya Choudhary 3 Feb 2020In short yes but only if u invest in NPS Tier 1
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