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        Clause 16 - Amendment of section 80CCC.

        Finance Bill, 2015
        Chapter III
        DIRECT TAXES - Income-tax

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        Deduction limit increase for pension contributions announced, raising individual allowable deduction and applying to future assessment years. The amendment raises the permissible deduction for contributions to qualifying pension funds under section 80CCC from one lakh rupees to one hundred and fifty thousand rupees for individual assessees who pay or deposit amounts to secure or maintain annuity contracts with life insurers or pension funds, and is effective from the first day of April, 2016 for the assessment year 2016 17 and subsequent 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 limit increase for pension contributions announced, raising individual allowable deduction and applying to future assessment years.

                                The amendment raises the permissible deduction for contributions to qualifying pension funds under section 80CCC from one lakh rupees to one hundred and fifty thousand rupees for individual assessees who pay or deposit amounts to secure or maintain annuity contracts with life insurers or pension funds, and is effective from the first day of April, 2016 for the assessment year 2016 17 and subsequent years.


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