Deduction in respect of contribution to pension fund - (New) Section 123 / (Old) Section 80CCC

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.... paid or deposited during the tax year, and • only for items listed in Schedule XV, • subject to a maximum limit of Rs.1,50,000 per year. Sums qualifying as deduction [ Para 1(x) of the Schedule XV ] Contribution made from income chargeable to tax to effect or keep in force a contract for any annuity plan of • Life Insurance Corporation of India or....

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....respect of which a deduction has been allowed, together with the interest or bonus accrued or credited to the assessee account, if any, is received by the assessee or his nominee,- • (a) on account of the surrender of the annuity plan whether in whole or in part, in any tax year; or • (b) as pension received from the annuity plan. Manner and amount of taxation in the t....

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....lative Conditions: • The amount should be deposited or paid out of taxable income. • If the amount deposited in a pension fund has been claimed as deduction u/s 80CCC, then it should not be claimed as deduction under any other sections of the Act. • Deduction u/s 80CCC can only be claimed in the year in which the amount has been paid. Taxability ....