Contribution to Certain Pension Funds – Section 80CCC

Confused in complicated laws? Take our GST consultation services to get your issues solved from GST experts. Click here to know more.

Eligible assesse – Individual

Under this section deduction is allowed if assesse has paid or deposited an amount  in any annuity plan of the LIC of India or any other insurer for receiving pension from a fund referred to in section10(23AAB).

Amount of deduction is lower of the amount so paid /deposited or Rs. 1,50,000 (Rs. 1,00,000 upto A.y 2015-16). The amount of interest or bonus accrued or credited to account is not deductible.

If the assesse or his nominee receives any amount (including bonus, interest) on surrendering of policy or pension received will be taxable in the hands of recipient in the year of receipt. Such amount is taxable only if deduction was allowed in respect of such amount under this section.

Section 80 CCE – The maximum amount of aggregate deduction under section 80C, 80CCC and 80CCD(1) (i.e employee’s contribution or an individual assessee’s contribution to notified pension scheme of Central Government (NPS) ) cannot exceed Rs. 1,00,000.

Confused about complicated laws? Take our GST consultation services to get your issues solved from GST experts. Click here to know more.

Read More Articles

Section 44ADA – Presumptive Taxation Scheme for Professionals

From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any

Read Article »

Registration Under GST

Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that

Read Article »

GST on Import

Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import

Read Article »

Table of Contents

Subscribe

We will send updates relating to GST only

(No spam, you can unsubscribe anytime)