Menu
SECTION 80CCC
Is Monthly Pension received from LIC is exempted u/s 80CCC or taxable?
Replies (1)
Sec 80CCC of Income Tax Act 1961, provides for deduction in respect of contributions made by the assessee to LIC or any other insurer so as to receive pension in future.
However,pension received from LIC is taxable.
As per sec10 (A),if the pension received is commuted,then it is exempt.
However,pension received from LIC is taxable.
As per sec10 (A),if the pension received is commuted,then it is exempt.
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
