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| deduction finder |
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| pension funds: |
| section: |
80ccc |
| explanation: |
deduction in respect of contribution to certain pension funds |
| person covered: |
individual |
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| eligible amount: |
| deposit or payment made to lic or any other insurer in the approved annuity plan for receiving pension. |
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| extent of deduction: |
| least of amount paid or rs. 1,00,000 (limit enhanced from rs. 10,000 to rs. 1,00,000 w.e.f. a.y. 2007-08). |
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| relevant conditions/points |
| 1) |
the amount should be deposited or paid out of taxable income. |
| 2) |
no deduction u/s. 80c is allowed on investment or expenditure on which deduction is claimed under this section. |
| 3) |
any amount withdrawn or pension received from the plan is taxable in the hands of the assessee or nominee in the year of receipt. |
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