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.

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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. 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. Where deduction has been allowed u/s 80CCC, deduction u/s 80C will not be available in respect of the payment made towards the annuity plan.

To claim deductions under section 80CCC, the annuity plan should be specifically for inheriting pension from a fund referred in section 10(23AAB). Individuals can contribute to National Pension Scheme (NPS) and claim an additional tax deduction of up to ₹50,000 under Section 80CCD(1B) of the Income Tax Act. The deduction is exclusive to NPS contributions and LIC plans do not qualify for tax deduction under this section. Insurance Plans. As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others.

Section 80CCC income tax deduction is with respect to the contributions made towards pension plans by an individual. Section 80C in India was designed to offer exhaustive contents, as a result it made tax planning a bit cumbersome. That’s how, Section 80C was divided into many subsections, one such being Section 80CCC.

For example, do you know how retirement inco Higher bond yields trim shortfalls, bolstering corporate plans. But public pensions remain way short of needs.

The LIC of India keeps offering different products from time to time to cater to changing and evolving needs of its customers. Currently it has two pension plans to offer to help safeguard financial stability in the post-retirement life of individuals with varying financial needs.

Because the plan takes into account the number of years of service and salary history, the longer the employee works a A pension plan is an employer-sponsored retirement plan that is generally only used by large corporations. Under a pension plan, an employer contributes enough money to the plan to guarantee workers a defined payout when they retire. A pens The National Pension System (NPS) is a voluntary defined contribution pension system in India Today, the NPS is readily available and tax efficient under Section 80CCC and Section 80CCD.

11. 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.
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nationella pensionssystem (NPS). 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.

HDFC Life Guaranteed Pension Plan.
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"All the Immediate Annuity Options (i.e. Option A to J) available under LIC's Jeevan Shanti (Plan No. 850) (UIN: 512N328V02) have been withdrawn with effect from 25.08.2020." Pension Plans Sr. No.

An individual or Hindu Undivided Family (HUF) is eligible to claim deductions under this section. 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. Section 80CCD provides deduction in respect of contribution to pension scheme notified by Central Government.

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These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life. 1. FAQs of Pradhan Mantri Vaya Vandana Yojana (144 KB) "All the Immediate Annuity Options (i.e. Option A to J) available under LIC's Jeevan Shanti (Plan No. 850) (UIN: 512N328V02) have been withdrawn with