Insertion of new section 80CCC
Section 23 of the Finance Act, 1996 deals with insertion of new section 80CCC. Insertion of new section 80CCC. 23. After section 80CCB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1997, namely:— "80CCC.
Insertion of new section 80CCC.
23. After section 80CCB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1997, namely:—
"80CCC. Deduction in respect of contribution to certain pension funds.—(1) Where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India for receiving pension from the fund referred to in clause (23AAB) of section 10, 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 paid or deposited (excluding interest or bonus accrued or credited to the assessee's account, if any) as docs not exceed the amount of ten thousand rupees in the previous year.
(2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has, been allowed under subsection (1), together with the interest or bonus accrued or credited to the assessee's account, if any, is received by the assessee or his nominee—
(a) on account of the surrender of the annuity plan whether in whole or in part, in any previous year, or
(b) as pension received from the annuity plan,
an amount equal to 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 that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year.
(3) Where any amount paid or deposited by the assessee has been taken into account for the purposes of this section, a rebate with reference to such amount shall not be allowed under section 88.".
[Finance (No.
2) Act, 1996]
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Section 23, The Finance Act, 1996 (Act 33 of 1996).
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Questions about Section 23
What does Section 23 of the Finance Act deal with?
Section 23 of the Finance Act is headed "Insertion of new section 80CCC". Insertion of new section 80CCC. 23. After section 80CCB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1997, namely:— "80CCC.
How do I find court cases under Section 23 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1996 23, section 23 Finance Act 1996, section 23 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 23 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 28), Income-tax Act 80CCB (Deduction in respect of investment made under Equity Linked Savings Scheme), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1996 as Act 33 of 1996. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule4964 words
- 2. Income-tax1749 words
- 20. Insertion of new sections 54EA and 54EB1112 words
- 39. Insertion of new section 115JA964 words
- 4. Amendment of section 10695 words
- 34. Amendment of section 88644 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.