2024年7月15日 · Section 80CCC of the Income Tax Act of 1961 allows for annual deductions of up to Rs.1.5 lakh for contributions made by an individual to designated pension plans provided by life insurance. The deduction is within the combined limit along with deductions under Section 80C and Section 80CCD (1). What is Section 80CCC?

2025年2月3日 · With Section 80CCC, a taxpayer can save a considerable amount of tax by making contributions to pension funds. Let’s explore Section 80CCC in detail –. What is section 80CCC of the income tax? Under section 80CCC, you can claim an income tax deduction for investments in certain specified pension funds. These funds include.

2023年2月27日 · 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 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 80CC provides tax deductions for contributions to certain pension funds. Under the section, a maximum deduction of INR 1.5 Lakhs shall be available each year on the expenses incurred in buying a new policy that pays pension or a …

2023年4月3日 · In this article, we will learn more about section 80CCC of the I-T Act. How do Pension Funds work? There are two Stages of a Pension Plan- • Accumulation Stage – The investor invests a fixed portion of income in a designated pension plan. • Vesting Stage – The investor starts receiving the benefits after retirement.

Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a taxpayer for the financial year in which the contribution is being made.

2014年11月7日 · Section 80 CCC of the Income Tax act, 1961 deals with one such deduction in relation to the contribution made by the assessee being an individual towards various annuity plans of Life Insurance Corporation of India or any other insurer for receiving annuity or pension by an assessee after his retirement.

Section 80CCC is an important section of Chapter VI A that outlines the provisions for deductions on contributions made to specific pension funds. You can claim a deduction of up to ₹1.5 Lakhs on costs incurred when investing in a new pension plan or renewing the existing one that pays periodic annuity.

2021年12月2日 · Section 80CCC of the Income Tax Act, 1961 provides tax deductions when you invest in certain types of pension funds, which include the following. The deductions are available when you buy a new insurance plan or renew an existing policy. Why is it important?