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of <h1>Amendment to Section 80CCD: Nominee's Pension Received on Assessee's Death Exempt from Tax from 2017-18 Onward.</h1> Clause 36 of the Finance Bill, 2016 proposes an amendment to section 80CCD of the Income-tax Act, which pertains to deductions for contributions to the Central Government pension scheme. The amendment introduces a proviso to sub-section (3), effective from April 1, 2017, stating that any amount received by a nominee upon the death of the assessee, under the specified circumstances, will not be considered the nominee's income and thus will be exempt from tax. This change applies from the assessment year 2017-2018 onwards.
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