Section 18 - Amendment of section 80CCD - Finance Act, 2015

Amendment of section 80CCD 18. In section 80CCD of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) sub-section (1A) shall be omitted; (b) after sub-section (1A), as so omitted the following sub-section shall be inserted, namely:- (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 sub-section shall be allowed in respect of the amount on which a deduction has been claimed and allowed under sub-section (1); (c) in sub-section (3),- (I) for the word brackets and figure sub-section (1) , wherever they occur, the words, brackets, figures and letter sub-section (1) or sub-section (1B) shall be substituted; (II) for the words under that sub-section , the words under those subsections shall be substituted; (d) in sub-section (4), for the word, brackets and figure sub-section (1) , the words, brackets, figures and letter sub-section (1) or sub-section (1B) shall be substituted.