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Pension plan

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51 Points Posted on 11 January 2021
Individual invested in LIC pension plan. under which section deduction is allowed??

whether pension received from the same scheme is taxable??
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On 11 January 2021 at 16:10 Report
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Chartered Accountant
24588 Points Posted on 11 January 2021
Pension plan is deducted u/s 80CCD
It is taxable
129 Reply
On 11 January 2021 at 16:38
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17264 Points Posted on 11 January 2021
Individuals can contribute to National Pension Scheme (NPS) and claim an additional tax deduction of up to ₹50,000 under Section 80CCD(1B) of the Income Tax Act.

The deduction is exclusive to NPS contributions and LIC plans do not qualify for tax deduction under this section.
101 Reply
On 11 January 2021 at 17:16
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Tax consultant
5895 Points Posted on 11 January 2021
What is the lic pension plan name means under which policiy??
57 Reply
On 11 January 2021 at 19:06
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17264 Points Posted on 11 January 2021
There are many pension plans of LIC such as Jeevan Akshay, Jeevan Dhara etc
101 Reply
On 11 January 2021 at 20:25


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