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. Provisions of Section 80CCC:

Section 80CCC Income Tax Deduction for Contribution to Pension Funds When it comes to saving tax liabilities, the most commonly used options include Section 80C, 80CCD, and 80CCC under the Income Tax of India. With Section 80CCC, a taxpayer can save a considerable amount of tax by making contributions to pension funds.

This pension plan is very beneficial,flexible and customer-friendly. 9. The LIC pension plan can buy without undergoing any medical tests. 10. Annuity payments are higher if the LIC pension plan purchased online through the company website. 11. The premium paid to avail annuity is exempt from tax under section 80CCC.

Annuity payments are higher if the LIC pension plan purchased online through the company website. 11. The premium paid to avail annuity is exempt from tax under section 80CCC. 12. LIC's New Jeevan Suraksha-I Table No 147 is a Differed annuity Pension plan. This is a traditional retirement plan from LIC of India.

Section 80CCD This section is not applicable to Life Insurance or Pension plans and is therefore not being covered here. Deduction under Section 80CCC According to this section, deduction is allowable to only individual (whether resident or non-resident) for contributions made to certain pension funds.

Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. The section provides tax deduction up to a maximum of Rs.1.5 lakh per year on expenses incurred in buying a new policy or continuing an existing policy that pays pension or a periodical annuity.

Immediate annuity plans ensure guaranteed lifelong incomes which allow you to meet your expenses easily after your retirement 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.

Section 80CCC of the Income Tax Act, 1961, allows deduction on the premium paid to buy an annuity policy which pays annuity pay-outs throughout your lifetime. Thus, if you buy the pension plans offered by LIC, the premium paid would be allowed as a deduction under this Section.

Section 80C Tax Deduction Under section 80C of the income tax, you are eligible to claim deductions up to Rs. 1, 50,000 on your taxable income from tax-saving instruments and investments. 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.

Your 80C, 80 CCD (1) and 80CCC limit, all together is Rs 1.5 lakh.
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To order presentation-ready copies for distribution to your colleagues, Advisors whose clients rely on workplace pensions need to take a hard look at those plans This copy is for your personal, non-commercial use only.

Entry Age: 40-75 years.
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Single premium plan to get guaranteed income for life with the option to defer income by upto 10 years; Lock in the current interest rates for the annuity to be received later; Annuity plan can cover either single or joint life* Flexible payout options to suit your need 2; Tax benefits # on premium paid u/s 80CCC of Income Tax Act, 1961

Annuity payments are higher if the LIC pension plan purchased online through the company website. 11.

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LIC Jeevan Nidhi Plan: The LIC Jeevan Nidhi plan is a with profits pension plan. The accumulated amount of LIC Jeevan Nidhi plan is used to generate pension for the policyholder based on his or her survival past the policy term. Features and benefits: ~Premiums paid are exempt under Section 80CCC of the Income Tax Act

That’s how, Section 80C was divided into many subsections, one such being Section 80CCC.