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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.
Let’s explore Section 80CCC in detail –
Under section 80CCC, you can claim an income tax deduction for investments in certain specified pension funds. These funds include
To claim the income tax benefit under section 80CCC, you must
Once you have invested the funds u/s 80CCC, you need to report the same when filing your Income Tax Return to get the tax benefit. Tax benefits shall only be available on the amount invested and not on the interest or bonus accrued.
Here is a list of terms and conditions for the 80ccc section:
The followings are the tax implications and benefits u/s 80CCC
The aggregate deduction under sections 80C, 80CCC, and 80CCD(1) cannot exceed Rs.1,50,000.
Questions related to Section 80CCC of the Income Tax Act, 1961, are endless. Here we have curated a list of some of the most frequently asked questions about the same. These will help you curtail confusion to a great extent. Let’s have a quick look –
It can be defined as an investment product that provides income after retirement. 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.
Yes, even if you are an NRI, you are entitled to claim a tax deduction under Section 80CCC of the Income Tax Act, 1961.
HUF (Hindu Undivided Family) is not allowed to claim tax deductions under Section 80CCC of the Income Tax Act, 1961.
Yes. However, the aggregate limit under sections 80CCC, 80C, and 80CCD is Rs. 1.5 Lakhs.
Well, the answer is no. You cannot make any tax deduction claim if you have paid towards an insurance plan that’s nowhere related to any pension scheme under section 80CCC.
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