Deduction under section 80CCA of the Income-tax Act, 1961-Notification of the Annuity Plans of the Life Insurance Corporation-Date of application-Regarding
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Deduction under section 80CCA: payments to specified LIC annuity plans qualify for deduction for the relevant assessment year. The Board clarifies that amounts paid under the notified LIC annuity plans Jeevan Dhara and Jeevan Akshay during the previous year relevant to the assessment year qualify for deduction under section 80CCA even if such payments were made before the date of the Government notification specifying those plans, subject to the statutory deduction limits for that assessment year.
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Deduction under section 80CCA: payments to specified LIC annuity plans qualify for deduction for the relevant assessment year.
The Board clarifies that amounts paid under the notified LIC annuity plans Jeevan Dhara and Jeevan Akshay during the previous year relevant to the assessment year qualify for deduction under section 80CCA even if such payments were made before the date of the Government notification specifying those plans, subject to the statutory deduction limits for that assessment year.
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