Section 80CCC Deduction in respect of contribution to certain pension funds

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers [1][80CCC. Deduction in respect of contribution to certain pension funds. (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 [2][or any other insurer] for receiving pension from the fund referred to in clause (23AAB) 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 assessees account, if any) as does not exceed the amount of [3][one hundred and fifty thousand rupees] in the previous year. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][80CCC. Deduction in respect of contribution to certain pension funds.

(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 [2][or any other insurer] for receiving pension from the fund referred to in clause (23AAB) 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 assessees account, if any) as does not exceed the amount of [3][one hundred and fifty thousand rupees] in the previous year.