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of <h1>New Jeevan Akshay-II Plan from LIC recognized as annuity plan under section 88(2)(xiiia) for tax benefits.</h1> The Central Government, under the powers of the Income-tax Act, 1961, has specified the New Jeevan Akshay-II Plan from the Life Insurance Corporation of India as an annuity plan for tax purposes. This plan, filed with the Insurance Regulatory and Development Authority, is recognized under clause (xiiia) of sub-section (2) of section 88 of the Act. The notification, identified as No. 144 of 2004, was issued on May 13, 2004, and will take effect upon its publication in the Official Gazette.
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