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of <h1>Tax rules: Deduct premiums paid for annuity-funded pension up to Rs.150,000; surrender or pension taxable on receipt.</h1> An individual who pays or deposits taxable income to maintain an annuity contract with Life Insurance Corporation or another insurer for receiving pension from the specified fund may deduct the amount paid (excluding interest or bonus) up to Rs.150,000 in computing total income. Any surrendered amount or pension received (including accrued interest or bonus) is taxable as income in the year of receipt. Amounts claimed under this provision cannot also be claimed as a deduction under the separate deduction provision from assessment years beginning on or after 1 April 2006.
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