{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 80CCD","text":"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 deduction 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 words, 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 sub-sections\" shall be substituted; (d) | in sub-section (4), for the words, brackets and figure, \"sub-section (1)\", the words, brackets, figures and letter \"sub-section (1) or sub-section (1B)\" shall be substituted.","html":"<p><b>Amendment of section 80CCD.</b></p><p><b>18.</b> In section 80CCD of the Income-tax Act, with effect from the 1st day of April, 2016,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>sub-section (1A)shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after sub-section (1A)<i>,</i> as so omitted the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(1B)An assessee referred to in sub-section (1), shall be allowed a deduction in computation of his total income, whether or not any deduction 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:</td></tr><tr><td></td><td></td><td><b>Provided </b>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);\"</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in sub-section (3),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>for the words, 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;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>for the words \"under that sub-section\", the words \"under those sub-sections\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>d</i>)</td><td></td><td>in sub-section (4), for the words, brackets and figure, \"sub-section (1)\", the words, brackets, figures and letter \"sub-section (1) or sub-section (1B)\" shall be substituted.</td></tr></table></div>","words":209,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/18/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}