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of <h1>Deduction for prior deposits in government savings and LIC deferred annuities capped at ?20,000; withdrawals taxed on receipt</h1> Individuals and Hindu undivided families who, in a previous year, deposit amounts in government-notified savings schemes or pay premiums to specified deferred annuity plans of the Life Insurance Corporation may claim a deduction for the deposited/paid amount up to twenty thousand rupees (subject to historical higher limits for certain years), but no deduction is allowed for amounts deposited or paid on or after 1 April 1992. Withdrawals, surrenders, annuity or bonus receipts corresponding to amounts for which deduction was claimed are treated as taxable income in the year of receipt, subject to limited transitional and recent exclusions for individual taxpayers; on partition or dissolution, the recipient is treated as the assessee for this purpose.
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