Pension plan deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 November 2014
I have read that if i surrender my pension plan then i will have to reverse the deduction claimed in the previous years as well as the surrender value will be taxable.
I am not able to find the section in IT Act which says that i will have to reverse the deduction claimed under section 80CCC in previous years.
Can anyone help me with it?
I am not able to find the section in IT Act which says that i will have to reverse the deduction claimed under section 80CCC in previous years.
Can anyone help me with it?
Amol S Joglekar
(Expert)
17 November 2014
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
refer this link.
(2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub-section (1), together with the interest or bonus accrued or credited to the assessee’s 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 previous year, or
(b) as pension received from the annuity plan,
an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year
refer this link.
(2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub-section (1), together with the interest or bonus accrued or credited to the assessee’s 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 previous year, or
(b) as pension received from the annuity plan,
an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year
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