- 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 sub-sections" 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.
