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Annuity under LIC pension scheme

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(Querist)
28 March 2009 Is the annuity received under LIC pension scheme taxable?
If it is exempt under which section
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
28 March 2009 section 80CCC provides that the pension received from such annuity plan under superannuation scheme of LIC or any other insurer will be taxable. The said amount shall be taxable under the head "income from other sources" being the residual head under the I T Act . There is no express deduction available against such income and the deposit for such scheme was already availed of deduction
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