Contribution deduction for pension schemes expanded to non-employees; limits tied to salary or gross income; annuity purchases exempt. Amendment broadens section 80CCD to include any individual assessee and establishes that deduction limits are computed as ten per cent of salary for employees and ten per cent of gross total income for other individuals; it also deems amounts used to purchase an annuity plan in the same previous year as not having been received for the purposes of the section.
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.
Contribution deduction for pension schemes expanded to non-employees; limits tied to salary or gross income; annuity purchases exempt.
Amendment broadens section 80CCD to include any individual assessee and establishes that deduction limits are computed as ten per cent of salary for employees and ten per cent of gross total income for other individuals; it also deems amounts used to purchase an annuity plan in the same previous year as not having been received for the purposes of the section.
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