Deduction for pension fund contributions permits tax relief for annuity payments; withdrawals or pensions become taxable when received. Section 80CCC permits an individual to deduct contributions made from taxable income to an annuity plan with specified insurers for pension, excluding interest or bonus, up to a prescribed ceiling. Amounts credited to the pension fund for which a deduction was claimed, together with accrued interest or bonus, are taxed as income when received on surrender or as pension, and such contributions are not eligible for a duplicate deduction under the related deduction provision for specified subsequent assessment years.