Amendment of section 80CCD

Section 30 of the Finance Act, 2009 deals with amendment of section 80CCD. Amendment of section 80CCD. 30. In section 80CCD of the Income-tax Act,— (a ) in sub-section (1),— (i) in the opening portion, after the words, figures and letters "Where an assessee, being an individual employed by the Central Government or any other employer on or after the 1st day of January, 200

Amendment of section 80CCD.

30. In section 80CCD of the Income-tax Act,—

(a ) in sub-section (1),—

(i) in the opening portion, after the words, figures and letters "Where an assessee, being an individual employed by the Central Government or any other employer on or after the 1st day of January, 2004,", the words "or any other assessee, being an individual" shall be inserted;

(ii) for the words "as does not exceed ten per cent of his salary in the previous year", the following words shall be substituted, namely:—

"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, ten per cent of his gross total income in the previous year;";

(b ) after sub-section (4), the following sub-section shall be inserted, namely:—

"(5) For the purposes of this section, the assessee shall be deemed not to have received any amount in the previous year if such amount is used for purchasing an annuity plan in the same previous year.".

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Section 30, The Finance Act, 2009.