Under chapter VI A the section 80 CCD says tax saving for deposit made by employee in his pension account. Which pension account is it? Is the Employee pension fund for which money is deducted from employee every month, included in this pension account?
Section 80CCD. Deduction for contribution to pension scheme of Central Government.
Deduction is allowed to an individual employed by the Central Government or any other employer on or after the 1st day of January, 2004, has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government. However, the deduction is limited to 10 per cent of his salary in the previous year.
Where, the Central Government or any other employer makes any contribution to the employee’s account, the employee shall be allowed a deduction in the computation of his total income. However, the deduction is limited to 10 per cent of his salary in the previous year.
No it is not that deduction which you are speaking about. There is a seperate fund which is authorised by the central government.
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