Section 125 — Deduction in respect of contribution to Agnipath Scheme
Old Act equivalent: Section 80CCH of IT Act 1961 Sub-part: Deductions from total income
Statutory Text
- (1) An assessee, being an individual who has enrolled in the Agnipath Scheme and subscribes to the Agniveer Corpus Fund on or after the 1st November, 2022, shall be allowed a deduction in the computation of his total income, of the whole of the amount paid or deposited in his account in the said Fund during the tax year. (2) Where the Central Government makes any contribution to the account of an assessee in the Fund referred to in sub-section (1), the assessee shall be allowed a deduction in the computation of his total income of the whole of the amount so contributed. (3) For the purposes of this section,—
(a) “Agnipath Scheme” means the scheme for enrolment in the Indian Armed Forces introduced vide letter No. 1(23)2022/D(Pay/Services), dated the 29th December, 2022, of the Government of India in the Ministry of Defence;
(b) “Agniveer Corpus Fund” means a fund in which consolidated contri butions of all the Agniveers and matching contributions of the Central Government along with interest on both these contributions are held. Deduction in respect of health insurance premia.
Provisos
None.
Explanations
None.
Tables
Present in statutory text above — see formatted section.
Key Structure
- Applies to: Individual enrolled in Agnipath Scheme
- Conditions: Contribution to Seva Nidhi Fund under Agnipath Scheme
- Time limits: Contribution during the tax year
- Monetary limits: Within combined Rs.1,50,000 limit of section 122
- Exceptions: Amount received from Seva Nidhi Fund (including Government contribution) is exempt
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.