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Former Member

Clarification in FORM 16.

Posted on Dec 11, 2015 at 11:35 AM 81 Views

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

form 16.JPG (65.4 kB)
IT0585.JPG (30.1 kB)
IT0586.JPG (25.5 kB)
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3 Answers

  • Best Answer
    author's profile photo Former Member
    Former Member
    Posted on Dec 11, 2015 at 11:46 AM
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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.

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  • author's profile photo @ Dey Sankarsan
    @ Dey Sankarsan
    Posted on Dec 11, 2015 at 03:13 PM
    1

    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.

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    • BALASUBRAMANIAN AP
      Dec 12, 2015 at 09:12 AM

      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.

  • author's profile photo Former Member
    Former Member
    Posted on Dec 14, 2015 at 07:50 AM
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    Go through below link you will get an idea.

    https://cleartax.in/Guide/Section80Deductions

    Regards

    Venkatesh

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