Increase in retirement annuity deduction raises maximum deductible amount following Finance Act amendment taking prospective effect. The amendment substitutes the previous limit of one lakh rupees with a new limit of one hundred and fifty thousand rupees for retirement annuity ... Summary
Increase in retirement annuity deduction raises maximum deductible amount following Finance Act amendment taking prospective effect.
The amendment substitutes the previous limit of one lakh rupees with a new limit of one hundred and fifty thousand rupees for retirement annuity deductions under section 80CCC, with prospective effect from 1 April 2016 as enacted by the Finance Act, 2015.
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