Deduction in respect of contribution to pension scheme of Central Government

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d a deduction in the computation of his total income, of the whole of the amount so paid or deposited 7[as does not exceed,- (a) in the case of an employee, ten per cent. of his salary in the previous year; and (b) in any other case, 17[twenty per cent] of his gross total income in the previous year.] (1A) 11[****] 12[(1B) An assessee referred to in sub-section (1), shall be allowed a deduction in computation of his total income, whether or not any deductions is allowed under sub-section (1) of the whole of the amount paid or deposited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees: Provided that no deduction under this ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Where any amount standing to the credit of the assessee 23[in his account] referred to in 13[sub-section (1) or sub-section (1B)], in respect of which a deduction has been allowed 14[under those sub-sections] or sub-section (2), together with the amount accrued thereon, if any, is received by the assessee or his nominee, in whole or in part, in any previous year,- (a) on account of closure or his opting out of the pension scheme referred to in 13[sub-section (1) or sub-section (1B)]; or (b) as pension received from the annuity plan purchased or taken on such closure or opting out, the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in the p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 5[(4) Where any amount paid or deposited by the assessee 25[in his account or the account of a minor] has been allowed as a deduction under 15[sub-section (1) or sub-section (1B)],- (a) 20[****] (b) no deduction with reference to such amount shall be allowed under section 80C for any assessment year beginning on or after the 1st day of April, 2006.] 8[(5) For the purposes of this section, the assessee shall be deemed not to have received any amount in the previous year if such amount is used for purchasing an annuity plan in the same previous year.] 27[(6) For the purposes of sub-section (3A), the assessee shall be deemed not to have received any amount in the previous year if such amount is transferred to pool corpus from individual....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....4-2009 before it was read as, ''as does not exceed ten per cent. of his salary in the previous year'' 8. Inserted vide Section 30 of the Finance (No. 2) Act, 2009 w.e.f. 01-04-2009 9. Substituted vide Section 28 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, "Where an assessee, being an individual employed by the Central Government 2[or any other employer] on or after the 1st day of January, 2004" 10. Inserted vide Section 28 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 11.   Omitted vide Section 18 of the Finance Act, 2015 w.e.f. 01-04-2016 before it was read as,   "10[(1A) The amount of deduction under sub-section (1) shall not exce....