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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 ..... 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 sub-section sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt standing to the credit of the assessee 23[or a minor, in his account or the account of a minor, as the case may be,] referred to in 13[sub-section (1) or sub-section (1B)], in respect of which a deduction has been allowed 14[under those subsections] 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04. 2. Inserted by the Finance Act, 2007, w.r.e.f.1-4-2004. 3. Inserted by the Finance Act, 2007, w.r.e.f.1-4-2004. 4. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2004. 5. Substituted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its substitution, sub-section (4) read as under : "(4) Where any amount paid or deposited by the assessee has been allowed as a deduction under sub-section (1), no rebate with reference to such amount shall be allowed under section 88." 6. Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-4-2009 7. Substituted vide Finance (No. 2) Act, 2009, w.e.f. 1-4-2009, before it was read as, ''as does not exceed ten per cent. of his salary in the previous year'' 8. Inserted vide F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, "(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;" 21. Inserted vide Section 25 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 22. Inserted vide Section 17 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 23. Substituted vide Section 17 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, "in his account" 24. Inserted vide Section 17 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 25. Inserted vide Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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