Deduction for minor's pension contributions: parents or guardians may claim tax deduction where they fund a minor's pension account. Amendment allows a deduction to a parent or guardian for amounts paid or deposited into a minor's pension account up to fifty thousand rupees, extends references to contributions to include 'in his account or the account of a minor', preserves chargeability where deducted amounts or interest are withdrawn from a minor's account, and provides that amounts received by a parent, guardian or nominee on account of closure of a minor's pension account due to the minor's death shall not be deemed to be the income of such person.
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Deduction for minor's pension contributions: parents or guardians may claim tax deduction where they fund a minor's pension account.
Amendment allows a deduction to a parent or guardian for amounts paid or deposited into a minor's pension account up to fifty thousand rupees, extends references to contributions to include "in his account or the account of a minor", preserves chargeability where deducted amounts or interest are withdrawn from a minor's account, and provides that amounts received by a parent, guardian or nominee on account of closure of a minor's pension account due to the minor's death shall not be deemed to be the income of such person.
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