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- Section 80CCC - Income Tax Deductions on Pension Fund . . .
Section 80CCC allows individuals to claim a deduction up to a specific limit on the sum invested in purchasing or paying a premium on a pension plan offered by the Life Insurance Corporation (LIC) or other insurers approved by the Insurance Regulatory and Development Authority (IRDA)
- Section 80CCC - Deductions on Contribution to Pension Fund
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 80C, 80CCC, 80CCD deduction (Rs. 1,50,000+50,000)
Deduction under Section 80C, Section 80CCC, Section 80CCD (Maximum amount of Income Tax deduction Rs 1,50,000+Rs 50,000) In order to calculate total income of an Individual HUF certain payments are very important to claim deduction u s 80
- Section 80CCC deduction | Limit | 80C vs 80CCC vs 80CCD
What is Section 80CCC? Section 80CCC is a part of Chapter VI-A of the Income Tax Act, 1961 It allows taxpayers to claim deductions for contributions made to certain pension funds The primary goal of this provision is to encourage individuals to invest in pension plans and ensure financial stability during their retirement years
- 80CCC Deduction FY 2025-26: Tax Benefits Limit Explained
₹50,000 in an LIC pension plan (eligible under 80CCC) You can only claim ₹1 5 lakh in total under 80C, 80CCC, and 80CCD(1) combined So, prioritize your claims wisely depending on your portfolio How to Claim 80CCC Deduction in ITR Claiming the 80CCC deduction is simple if you follow the right steps: Where to Declare in ITR-1 ITR-2
- Section 80CCC of Income Tax Act - Features, Eligibility . . .
Section 80CCC allows any individual, resident or non-resident, to seek a tax deduction (subject to making an investment in notified pension funds) The Hindu Undivided Family (HUF) cannot obtain the Section 80CCC tax benefit
- Section 80CCC - Tax Deductions on Pension Fund Contributions
Under Section 80CCC of the Income Tax Act, 1961, a taxpayer can claim tax deductions against the monetary contributions made towards specified pension funds which has been offered by an approved insurance company
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