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of <h1>Maximize Pension Fund Tax Deductions: Section 80CCC Explained with a Cap of 1,50,000 on Contributions</h1> Section 80CCC of the Income Tax Act allows individuals, whether resident or non-resident, to claim deductions for contributions to pension funds. The deduction is applicable to payments made to Life Insurance Corporation (LIC) or other approved insurers' annuity plans for pensions. The contributions must be from taxable income and cannot be claimed under any other section. The deduction is available only in the year of payment, with a maximum limit of 1,50,000. Withdrawals or pensions received are taxable according to the recipient's income tax slab in the year of receipt. The total deduction under sections 80C, 80CCC, and 80CCD(1) is capped at 1,50,000.
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