Section
- 80CCD, Income-tax Act, 1961-2014
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80CCD. (1) 55a[Where
an assessee, being an individual employed by the Central Government 56[or any other
employer] on or after the 1st day of January, 2004], 57[or any other
assessee, being an individual] has in the previous year paid or deposited any
amount in his account under a pension scheme notified or as may be notified by
the Central Government, he shall, in accordance with, and subject to, the
provisions of this section, be allowed a deduction in the computation of his
total income, of the whole of the amount so paid or deposited 58[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, ten per cent of his gross total income in the previous year.]
The following sub-section (1A) shall be inserted
after sub-section (1) of section 80CCD by the Finance (No. 2) Act, 2014, w.e.f.
1-4-2015 :
(1A) The amount of deduction under sub-section (1) shall
not exceed one hundred thousand rupees.
(2) Where, in the case of an assessee referred to in
sub-section (1), the Central Government 59[or any other
employer] makes any contribution to his account referred to in that
sub-section, the assessee shall be allowed a deduction in the computation of
his total income, of the whole of the amount contributed by the Central
Government 59[or
any other employer] as does not exceed ten per cent of his salary in the
previous year.
(3) Where any amount standing to the credit of the assessee
in his account referred to in sub-section (1), in respect of which a deduction
has been allowed under that sub-section 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
sub-section (1); 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 previous year in which such amount is received, and shall
accordingly be charged to tax as income of that previous year.
60[(4)
Where any amount paid or deposited by the assessee has been allowed as a
deduction under sub-section (1),—
(a) no rebate with reference to such amount shall be
allowed under section 88 for
any assessment year ending before the 1st day of April, 2006;
(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.]
61[(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.]
Explanation.—For the purposes of this section, “salary”
includes dearness allowance, if the terms of employment so provide, but
excludes all other allowances and perquisites.]
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