The aggregate amount of deductions under section 80C,80CCC, 80CCD(1) shall not, in any case, exceed one hundred and fifty thousand rupees. So friends we have to take care that Maximum deduction will be available to us is Total of deduction u/s 80C i.e. LIC, Tuition fees, PPF etc. + 80CCC i.e. contribution to certain pension funds. + 80CCD(1) as discussed above Should not be more than Rs. 150000/-

Section 80CCC provides tax deductions on buying a new policy or continuing a policy that pays pension with deductions going up to Rs.1 lakh per year on any expenses incurred in buying or maintaining the policy. The Section 80CCC deals with tax deductions on annuity plans from the Life Insurance Corporation of India (LIC) and other insurers.

Section 80CCC specifically allows investors to claim tax deductions in lieu of contributions made to pension funds. The Section 80CCC exemption limit includes the money spent on the purchase of a new policy or payments made towards renewal or continuation of an existing policy. The primary condition for availing this exemption is that the policy for which the money has been spent must be providing a pension or a periodical annuity. A pension fund is an investment product which provides retirement income. Section 80CCC of the Income Tax Act, 1961 allows taxpayers to claim deductions for contributions made to certain pension funds. To claim this tax benefit, the individual has to make payments to receive pension from a fund, which is referred to under Section 10 (23AAB). Under section 80CCC you can claim an income tax deduction for investments done in certain specified pension funds.

80ccc pension fund

As per section 80CCC, an individual assessee is allowed to claim the deduction, if the contribution is made to designated pension funds referred u/s 10 (23AAB) out of taxable income. Under the Income Tax Act of 1961, Section 80CCC allows individuals to claim tax deductions on payments made towards pension funds. From buying a new policy to renewing an existing one, any payment you make towards such a fund can be claimed for tax deductions under Section 80CCC. As per Section 80CCD (2), where any contribution in the said pension scheme is made by the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year. What is Section 80CCC? The Section 80CCC of Income Tax Act 1961, helps you to claim tax deductions for the pension funds in which you have invested.

As per the provisions of section 80CCC, where an assessee pays or deposits, in any previous year, any amount out of his income chargeable to tax towards any annuity plan of Life Insurance Corporation of India or any other insurer as specified in clause (23AAB) of section 10 in order to receive pension from such Pension Fund, then he shall be entitled to a deduction for the amount paid or

Tax Saving Through NPS. (National Pension System). (with Illustration on Tax Savings for Government Employees/ Corporate Employees) Podcast. Scheme wise. Returns.

2019-12-19

Contributions made towards pension plans by individuals to purchase annuity plans or retirement plans qualify The National Pension Scheme (NPS).

So friends we have to take care that Maximum deduction will be available to us is Total of deduction u/s 80C i.e. LIC, Tuition fees, PPF etc. + 80CCC i.e. contribution to certain pension funds. + 80CCD(1) as discussed above Should not be more than Rs. 150000/- Section 80CCC and 80CCD of the Income Tax Act, 1961, drives the provisions of pension schemes in India. We have tried to put a summarised note on these two provisions. Provisions of section 80CCC – It provides a deduction to an individual for any amount paid or deposited by the tax payers in any annuity plan of the LIC of India or any other insurer for receiving pension from a fund referred The maximum amount deductible under section 80CCC is Rs. 1,50,000.
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What is Section 80CCC? Terms and Conditions of Section 80CCC Deduction in respect of contribution to certain pension funds.

What is Section 80CCC? The Section 80CCC of Income Tax Act 1961, helps you to claim tax deductions for the pension funds in which you have invested. Section 80CCC lets you claim a maximum of Rs 1,50,000 during a particular year, which will include the cost involved in buying a new policy or renewing an existing policy.
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As per Section 80CCD (2), where any contribution in the said pension scheme is made by the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year.

duction 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 assessee's account, if any) as does not exceed the amount of 5[one hundred and fifty thousand rupees] in the previous year. The maximum deduction available under section 80CCD(1), 80C & 80CCC is Rs. 1,50,000/-. 80CCD(1B): Additional Deduction up to Rs. 50,000/- towards NPS (employee’s part) In addition to the above, another deduction of Rs.50,000/- will be available for the contribution made by a salaried or non-salaried individual.