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<h1>Deduction limit increase for pension contributions announced, raising individual allowable deduction and applying to future assessment years.</h1> 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.