Pension under LIC pension scheme
This query is : Resolved
28 March 2009
Is the monthly pension received under LIC pension scheme taxable?
If it is exempt under which section
If it is exempt under which section
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
30 March 2009
Thanks a lot
21 December 2009
Ref sec 80CCC (3) from 1/4/2006 deduction shall not allowed u/s.80C also. If deduction for the same amt. is not allowed still the pension received under this sec is taxable?
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