TMI BlogDeduction in respect of contribution to pension scheme of Central GovernmentX X X X Extracts X X X X X X X X Extracts X X X X ..... owed 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 tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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: 16 [ Provided that the amount received by the nominee, on the death of the assessee, under the circumstances referred to in clause (a), shall not be deemed to be the income of the nominee. ] 5 [ (4) Where any amount paid or deposited by the assessee has been allowed as a deduction under 15 [sub-section (1) or sub-section (1B)],- 20 [ **** ] ( b ) no deduction with reference to such amount shall be allowed under section 80C for any assessment year beginning on or afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 11. Omitted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, 10 [(1A) The amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees.] 12. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 13. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, sub-section (1) 14. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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