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of <h1>Taxpayers can claim deductions for pension fund contributions under Section 80CCC; withdrawals and pensions are taxable.</h1> Section 80CCC of the Income-tax Act, introduced by the Finance (No. 2) Act, 1996, effective from April 1, 1997, allows an individual taxpayer to claim a deduction for contributions to certain pension funds. The deduction is applicable for payments made to annuity plans of the Life Insurance Corporation of India, up to a limit of ten thousand rupees annually. If the annuity plan is surrendered or pension is received, the amount is considered taxable income in that year. Additionally, no rebate under section 88 is permitted for amounts considered under section 80CCC.
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