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Clarification regarding CPF and 80C

By VOPunjab
January 20, 2016 in Latest News / Events

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VOPunjab

Posted January 20, 2016

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Posted January 20, 2016

Clarification regarding CPF and 80C

CPF comprises 2 parts:

a. your contribution - under 80CCD (1)

b. equal contribution by Govt. - Under 80CCD (1B)

And as far as 80C is concerned, you can save maximum of 1,50,000 but the Govt.'s contribution in CPF thats under 80CCD (1B), DOESN'T come under this and gives you no rebate in 80C /1,50,000

But instead gives you rebate under 80CCD (1B) which is separate from 80C's 1,50,000 and is maximum of 50,000 other and above 80C. So you can have a total saving of 2,00,000.

In short, the part of salary deducted for CPF comes under 80C and is part of 1,50,000 deduction,, BUT the part contributed by Govt. comes under 80CCD (1B) and is part of additional 50,000 above the regular rebate of 1,50,000

Hope this clears all doubts and you can plan your savings accordingly.

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