SIR,
EXPLAIN ABOUT ABOVE 80CCC
Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. The section provides tax deduction up to a maximum of Rs.1.5 lakh per year on expenses incurred in buying a new policy or continuing an existing policy that pays pension or a periodical annuity.
It works in conjunction with section 80C and 80CCD(1) so that the maximum total deduction available under all three sections (80C, 80CCC & 80CCD(1)) is Rs. 1.5 lakh.
CAclubindia
