2019-03-16
Section 80CCC. Section 80CCC is for a deduction or reduction for a premium paid for the annuity plan of LIC (Life Insurance Corporation) or other insurers. Section 80CCC produces
Section 80CCC. Section 80CCC is for a deduction or reduction for a premium paid for the annuity plan of LIC (Life Insurance Corporation) or other insurers. Section 80CCC produces 2019-01-09 LIC (Jeevan Nidhi) HDFC Personal Pension Plan. Product type.
The employer bears all of the responsibility for funding the plan. Learn about pensions and how they work. A pension is a retirement plan that provides a monthly income. The emplo There are two ways to get a pension.
Retirement is a glorious time of life most people look forward to with excitement, especially if they’ve planned well for those future golden years by tucking away a nice retirement fund to help them live comfortably. For most employees in
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.
LIC New Jeevan Nidhi Plan is a deferred pension plan. Under this plan, policyholders have the option of paying regular or single premiums for the desired policy term. On maturity of the plan i.e. on the vesting date, an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus, if any are paid.
Sum Assured: NA 28 March 2009 section 80CCC provides that the pension received from such annuity plan under superannuation scheme of LIC or any other insurer will be taxable. The said amount shall be taxable under the head "income from other sources" being the residual head under the I T Act . HDFC Life Assured Pension Plan is a unit-linked investment plan that provides market-linked returns with loyalty additions that aims to provide hassle-free retirement life.
Under Section 80CCC of Income Tax Act 1961, an individual can claim tax deduction for contributions made to certain pension funds. The tax benefit is only for payments in the form of premium for any annuity plan of LIC or any other insurer. The maximum deduction that can be claimed under this section is Rs. 1,50,000. 2019-01-09 · 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.
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Overview. Considering ever going inflation, it is important to plan for the future cautiously. Pensions are different from savings, savings can run out but pension plans will continue no matter how long you live. LIC New Jeevan Nidhi (Plan 818): Tax Benefits. You get tax benefit up to Rs. 1.5 lacs on investment under Section 80CCC of the Income Tax Act. The benefit under Section 80CCC comes under the overall tax benefit limit of Rs 1.5 lacs under Section 80C.
The following are the pension plans by LIC:
Thus in simple words contributions made towards pension plans of LIC or other insurers are eligible for deduction u/s 80CCC. Amount of Deduction: The amount of deduction u/s 80CCC together with deduction available u/s 80C, 80CCD cannot exceed more than Rs. 1 Lakh.
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LIC’s pension plans gazes into the future of the investor and provides the policies that give a secured future to the investors post retirement. For New Jeevan Suraksha-I, it is Table No. 147 in Section 80ccc and for New Jeevan Dhara –I, it is Table No. 148 in Section 80ccc in …
Deduction is available upto a limit of Rs. 150,000 in conjunction with Section 80C and Section 80 CCD. LIC has been active for 50 years and it has been our country’s largest investor till date. LIC’s pension plans gazes into the future of the investor and provides the policies that give a secured future to the investors post retirement. The following are the pension plans by LIC: Thus in simple words contributions made towards pension plans of LIC or other insurers are eligible for deduction u/s 80CCC. Amount of Deduction: The amount of deduction u/s 80CCC together with deduction available u/s 80C, 80CCD cannot exceed more than Rs. 1 Lakh. DEDUCTION UNDER SECTION 80CCC. Deduction in respect of contribution to certain pension funds.
Maturity Benefit: No maturity benefit is offered under this plan of LIC. Income Tax Benefit: Income tax benefit can be availed on the premiums paid as per Section 80CCC of the Income Tax Act, 1961. Annuity payouts will be paid as per the frequency is chosen immediately after making the payment of the premiums.
Section 80CCC is an exemption limit that includes money spent on the purchase of fresh payments toward renewal or contribution of an existing policy. The main condition of getting this exemption is that the policy for which the money has been spent should be giving a pension or periodical annuity.
Section 80 CCC of the Income Tax Act 1961 allows Tax Payer to claim deduction from gross taxable Income for the amount invested in certain pension funds of LIC or any other Insurer. Maximum allowable deduction under this provision is Rs.1,50,000/- per year. DEDUCTION UNDER SECTION 80CCC. Deduction in respect of contribution to certain pension funds. As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Individuals can look to secure their lives post retirement with investment in pension plan under section 80CCC and also reduce their total tax out-go. Premium paid under the pension plan of LIC or other insurer is totally exempt from income to the extent of Rs. 100,000 (aggregate of Sec 80C, 80CCC and 80CCD) if paid to keep in force a contract for any annuity plan.