Deduction for pension contributions expanded to more individual taxpayers, with annuity purchases excluded from taxable receipts. Amendment broadens the pension contribution deduction by extending eligibility to any individual assessee beyond those employed by the Central Government or other employers, while retaining the salary-linked ceiling on deductible amounts. It further provides that amounts used in the same previous year to purchase an annuity plan shall be deemed not to have been received in that previous year, and applies retrospectively to the stated assessment year and following years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for pension contributions expanded to more individual taxpayers, with annuity purchases excluded from taxable receipts.
Amendment broadens the pension contribution deduction by extending eligibility to any individual assessee beyond those employed by the Central Government or other employers, while retaining the salary-linked ceiling on deductible amounts. It further provides that amounts used in the same previous year to purchase an annuity plan shall be deemed not to have been received in that previous year, and applies retrospectively to the stated assessment year and following years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
