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80CCD Contribution Towards Pension Plan in New Pension Scheme Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80CCD Contribution Towards Pension Plan in New Pension Scheme Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the 80CCD contribution towards a pension plan in the New Pension Scheme? |  |
Ans. The 80CCD contribution refers to the amount that can be claimed as a deduction from taxable income under Section 80CCD of the Income Tax Act. It specifically relates to contributions made towards a pension plan in the New Pension Scheme (NPS).
| 2. How much can one contribute towards a pension plan under the 80CCD scheme? | |
Ans. Under the 80CCD scheme, an individual can contribute up to 10% of their salary (for salaried individuals) or 20% of their gross income (for self-employed individuals) towards a pension plan. However, the total deduction claimed under Section 80CCD should not exceed Rs. 1.5 lakh per financial year.
| 3. Are the contributions made towards a pension plan under 80CCD taxable? | |
Ans. Yes, the contributions made towards a pension plan under 80CCD are taxable. However, the taxability depends on the type of contributions. The contributions made by an individual towards their own pension plan are eligible for deduction under Section 80CCD(1), while the contributions made by an employer on behalf of the employee are eligible for deduction under Section 80CCD(2).
| 4. Can the contributions made towards a pension plan be withdrawn before retirement? | |
Ans. Yes, the contributions made towards a pension plan can be partially withdrawn before retirement, subject to certain conditions. As per the NPS rules, individuals can withdraw up to 25% of their contributions towards a pension plan after completing 3 years of continuous service. However, this withdrawal is taxable as per the individual's income tax slab.
| 5. What happens to the contributions made towards a pension plan after retirement? | |
Ans. After retirement, the contributions made towards a pension plan are utilized to provide a regular pension income to the individual. The pension amount is determined based on various factors such as the total contributions made, investment returns, and annuity options chosen. The pension income received after retirement is taxable as per the individual's income tax slab.
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Nov 16, 2024 Last updated |
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