As a taxpayer, section 80C is one of my favorite sections as it allows me to reduce taxable income by making incurring eligible expenses or tax-saving investments. It contains subsections , 80CCC, 80CCD (2) , 80CCD (1) and 80CCD (1b). Let me tell you what is 80CCC in income tax in detail.
Section 80CCC of the Income Tax ActSection 80CCC offers deductions of up to Rs. 1,50,000 per annum for contributions made by a taxpayer towards certain pension funds that are provided by life insurance.
The exemption limit includes the money spent on the payments made towards the continuation or renewal of an existing policy or purchase of a new policy.
The main condition to avail this exemption is that the policy for which you have spent the money needs to be providing a periodical annuity or a pension.
This section is read along with Section 80CCD (1) and Section 80C and that’s why the total exemption limit is Rs. 1.5 lacs per annum.
What is Section 80C of Income Tax Act?
I hope now you know what is 80CCC deduction in Income Tax.
Who is Eligible for Deduction under Section 80CCCA taxpayer who has subscribed to an annuity plan which has been provided by an approved insurance company.
Hindu Undivided Family (HUF) isn’t eligible for exemption under this section.
These provisions apply to both non-residents and residents.
सेक्शन.
80CCC
रुपये
तक
की
कटौती
प्रदान
करता
है।
जीवन
बीमा
द्वारा
प्रदान
किए
जाने
वाले
कुछ
पेंशन
फंडों
के
लिए
करदाता
द्वारा
किए
गए
योगदान
के
लिए
प्रति
वर्ष Rs.
1,50,000
।
Read more:
How To Save Tax Apart From 80C?
Does HRA come under 80C?
Can We Claim Stamp Duty and Registration Fees in 80C?
I hope you like my answer on what is 80CCC in income tax.
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Authors Of The Question
What is 80CCC in Income Tax?
Agastya
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2 Year
2022-02-28T13:11:22+00:00 2022-03-02T17:40:34+00:00Comment
1 Answers
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