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

  • Pension
  • 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

  1. Income Tax
  2. Deductions Under Chapter VIA

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 11 years. He also provides Accounts Tax GST Training in Delhi and Pune.