Amended and updated notes on section 80CCE of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to limit on deductions under sections 80C, 80CCC and 80CCD.
Chapter VIA (Sections 80A to 80U) of the Income Tax Act 1961 deals with the provisions related to deductions to be made in computing total income. Section 80CCE of IT Act 1961-2023 provides for limit on deductions under sections 80C, 80CCC and 80CCD.
Recently, we have discussed in detail section 80CCD (deduction in respect of contribution to pension scheme of Central Government) of IT Act 1961. Today, we learn the provisions of section 80CCE of Income-tax Act 1961. The amended provision of section 80CCE is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 80CCE of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section 80CCE: Limit on deductions under sections 80C, 80CCC and 80CCD
The aggregate amount of deductions under section 80C, section 80CCC and sub-section (1) of section 80CCD shall not, in any case, exceed one hundred and fifty thousand rupees.