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Clarification in FORM 16.

Former Member
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278

Dear All,

We have implemented note 2168787 and post that limit of CENTRAL GOVERNMENT PENSION LIMIT has been extended to 2,00,000 in IT0585 (80CCD(1B)).

I maintained data IT0585 and IT0586 as per the attachment but in FORM 16, under 80CCD, system considers only Rs. 50,000. It should be Rs. 80,000/-

and Chapter VI amount should be 2,35,000 (not 2,05,000).

Please help me to understand that calculation.

Best Regards,

RG

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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Since the total of Section 80C (PF +EPF + 80CCC) already exceeds 150000, section 80CCD(1B) will be limited to 50000.

This is as per the legal requirement.

Answers (2)

Answers (2)

venkateshorusu
Active Contributor
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Go through below link you will get an idea.

https://cleartax.in/Guide/Section80Deductions

Regards

Venkatesh

Sanky
Active Contributor
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Hi,

Earlier inside chapter VI you will get 1.5 lacs but now as per new regulation you can get extra 50k exemption against Pension scheme

In your case it's happening.

BalaAP
Active Contributor
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Hi,

What Tania said was mentioned in the sap note 2168787 in page no.2 (under heading "Note"). Also, this note explained 2 scenarios in page 1.

In your form-16 label, it is mentioned as 'Note 1- Aggr. of 80C, 80CCC & 80CCD(1) shalll not exceed Rs.1 Lakh" - probably, this may need to be changed as "1.5 Lakh".

regards,

Bala.