Increase in retirement annuity deduction raises maximum deductible amount following Finance Act amendment taking prospective effect. The amendment substitutes the previous limit of one lakh rupees with a new limit of one hundred and fifty thousand rupees for retirement annuity deductions under section 80CCC, with prospective effect from 1 April 2016 as enacted by the Finance Act, 2015.
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Increase in retirement annuity deduction raises maximum deductible amount following Finance Act amendment taking prospective effect.
The amendment substitutes the previous limit of one lakh rupees with a new limit of one hundred and fifty thousand rupees for retirement annuity deductions under section 80CCC, with prospective effect from 1 April 2016 as enacted by the Finance Act, 2015.
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