2019-01-09 · The limit of 1 lakh under Section 80CCD (1) was then increased to Rs. 1.5 Lakh (as per sub section 1A of Section 80CCD). Moreover, a new sub section 1B has been introduced under Section 80CCD with an aim to provide additional deduction of Rs. 50,000 for the contributions made by all individual assessee towards the new pension scheme.

Deduction under Section 80CCC According to this section, deduction is allowable to only individual (whether resident or non-resident) for contributions made to certain pension funds. However, whenever the amount received from such pension funds along with interest then it will taxable in such period. Deduction under Section 80CCD

Amount of Deduction: The amount of deduction u/s 80CCC together with deduction available u/s 80C, 80CCD cannot exceed more than Rs. 1 Lakh. Section 80 CCC of the Income Tax Act 1961 allows Tax Payer to claim deduction from gross taxable Income for the amount invested in certain pension funds of LIC or any other Insurer. Maximum allowable deduction under this provision is Rs.1,50,000/- per year. DEDUCTION UNDER SECTION 80CCC. Deduction in respect of contribution to certain pension funds. As per section 80CCC, 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 or any other insurer for receiving pension from the Individuals can look to secure their lives post retirement with investment in pension plan under section 80CCC and also reduce their total tax out-go. Premium paid under the pension plan of LIC or other insurer is totally exempt from income to the extent of Rs. 100,000 (aggregate of Sec 80C, 80CCC and 80CCD) if paid to keep in force a contract for any annuity plan.

80ccc pension plan lic

The premium paid to avail annuity is exempt from tax under section 80CCC. 12. The deduction under Section 80CCC is available for any contributions made to an annuity plan of LIC or any other for receiving pension from the funds set up by LIC of India or any other insurer under clause 23AAB of Section 10. Section 80CCC deduction is available to an individual assessee. Thus HUF’s are not allowed any tax benefits u/s 80CCC.

8. This pension plan is very beneficial,flexible and customer-friendly. 9. The LIC pension plan can buy without undergoing any medical tests. 10. Annuity payments are higher if the LIC pension plan purchased online through the company website. 11. The premium paid to avail annuity is exempt from tax under section 80CCC. 12.

So in short, if you buy a pension plan from a life insurer that will give you regular payouts (annuities) in regular intervals from your plan, after maturity, you can claim an income tax deduction on your contribution. as pension from the annuity plan; such amount shall be included in the total income of the assessee or his nominee in the year of receipt.

Do you have a pension plan or are thinking about contributing to one? If so, it's important to understand how they work. Many people are unaware they can't take an early withdrawal. Keep reading to learn how pension plans work.

The tax benefit is only for payments in the form of premium for any annuity plan of LIC or any other insurer. The maximum deduction that can be claimed under this section is Rs. 1,50,000. 2019-01-09 · Section 80CCC of the Income Tax Act, 1961 is part of the broader 80 C category which allows cumulative tax deduction up to Rs. 1.5 lakh annually for investments made into PPF, EPF/VPF, life insurance, notified pension funds, etc. Section 80CCC specifically allows investors to claim tax deductions in lieu of contributions made to pension funds. Section 80C Tax Deduction Under section 80C of the income tax, you are eligible to claim deductions up to Rs. 1, 50,000 on your taxable income from tax-saving instruments and investments.

Section 80CCC This section is exclusively for benefit through investment in Pension Plans (excludes PF, PPF, Superannuation, VPF or NPS) and is also up to a maximum limit of Rs. 1.50 lakhs. Section 80CCD This section is not applicable to Life Insurance or Pension plans and is therefore not being covered here. Deduction under Section 80CCC According to this section, deduction is allowable to only individual (whether resident or non-resident) for contributions made to certain pension funds.
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The employer bears all of the responsibility for funding the plan. Learn about pensions and how they work. A pension is a retirement plan that provides a monthly income.
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LIC’s pension plans gazes into the future of the investor and provides the policies that give a secured future to the investors post retirement. For New Jeevan Suraksha-I, it is Table No. 147 in Section 80ccc and for New Jeevan Dhara –I, it is Table No. 148 in Section 80ccc in …

Premiums paid towards LIC pension plan are eligible for deductions under Section 80CCC of the Income Tax Act subject to a maximum limit of INR 1.5 lakhs. Immediate annuity plans ensure guaranteed lifelong incomes which allow you to meet your expenses easily after your retirement 2017-10-05 · Section 80CCC provides deduction in respect of amount contributed towards any annuity plan of the LIC of India or any other insurer covered under relevant section.