(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 ] [Substituted by Act 26 of 1988, Section 23, for Section 80-CCA (w.e.f. 1.4.1988).][or any other insurer] [ Inserted by Act 14 of 2001, Section 36 (w.e.f. 1.4.2002).][for receiving pension from the fund referred to in clause (23-AAB) 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 does not exceed the amount of ] [Inserted by Act 33 of 1996, Section 23 (w.e.f. 1.4.1997).] [one hundred and fifty thousand rupees] [Substituted 'one lakh rupees' by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.][in the previous year.
