Dear sir,
Please tell me what is the computation procedure if any amount received from LIC under pension scheme after maturity or received pension from LIC in this regard.Is U/s 10(23AAB) & u/s 80CCC(2) applicable in this case?Please say when these sections will be applicable ?
Regards,
Debnarayan
sec 10 (23AAB):
provides for income of such LIC fund in which you have contributed your fund. it does not deal with any individual income.
Sec 80CCC:
Pension received from LIC fund which is registered under 10 (23AAB) is taxable in the previsous year in which such pension is received. Hence it will be TAXABLE.
Sec 80CCC(2) texts as follows:
"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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