Deduction is only for Individual (Both Resident and Non Resident).
Deduction is allowed if any amount paid to
(a) LIC pension fund
(b) Any other approved insurance pension fund
Max amount of deduction under this section is 100000 150000 (NEW AMENDMENT)
Section 80C+ 80CCC+ 80CCD combined is Rs150000
The amount should be paid from the income chargeable to tax to claim the deduction
Taxable on Withdrawal
Amount received from pension find shall be taxable in the year received.
This amount may be in the form of
- Lump sum amount on surrender of pension fund.
If deduction claim under 80C regarding annuity plan then deduction cannot be claimed again under this section