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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.
Any individual taxpayer who contributes toward any annuity plan offered by an insurance company are permitted to claim the deductions under this section. The individual taxpayer can be a resident or non-resident Indian. A HUF or Hindu Undivided Family (HUF) cannot claim tax benefits under this section.
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