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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 80CCC: Deduction Limit Raised to 1.5 Lakh for Pension Fund Contributions from April 2016.</h1> Clause 16 of the Finance Bill, 2015 proposes an amendment to section 80CCC of the Income-tax Act, which pertains to deductions for contributions to certain pension funds. The amendment increases the deduction limit from one lakh rupees to one hundred and fifty thousand rupees for individuals contributing to annuity plans of the Life Insurance Corporation of India or other insurers. This change is effective from April 1, 2016, and applies to the assessment year 2016-17 and subsequent years.
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