Deduction for pension fund contributions allows tax relief on annuity payments, with surrender or pension receipts taxed when received. New provision permits individual taxpayers to deduct contributions paid from taxable income toward specified annuity contracts with the life insurance pension fund, excluding interest or bonus, subject to an annual ceiling; amounts received on surrender or as pension, including accrued interest or bonus, are taxable when withdrawn or paid, and taxpayers who claimed the deduction are precluded from claiming a rebate for the same contribution under the separate rebate mechanism.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for pension fund contributions allows tax relief on annuity payments, with surrender or pension receipts taxed when received.
New provision permits individual taxpayers to deduct contributions paid from taxable income toward specified annuity contracts with the life insurance pension fund, excluding interest or bonus, subject to an annual ceiling; amounts received on surrender or as pension, including accrued interest or bonus, are taxable when withdrawn or paid, and taxpayers who claimed the deduction are precluded from claiming a rebate for the same contribution under the separate rebate mechanism.
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