27 July 2014
Section 80CCD (1): Deduction in respect of Contribution to Pension Account (by Assessee}
Deduction available for the amount paid or deposited in a pension scheme notified or as may be notified by the Central Government subject to a maximum of : (a) 10% of salary in the previous year in the case of an employee (b) 10% of gross total income in any other case.
Section 80CCD (2): Deduction in respect of Contribution to Pension Account (by Employer}
Deduction available for the amount paid or deposited by the employer of the assessee in a pension scheme notified or as may be notified by the Central Government subject to a maximum of 10% of salary in the financial year.
This deduction is included in the limit of Rs 1 Lac (1.5 lacs from FY 2014-15).
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