Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > 80CCC Contribution Towards Pension Fund of Insurance Companies
80CCC Contribution Towards Pension Fund of Insurance Companies Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80CCC Contribution Towards Pension Fund of Insurance Companies Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the tax benefit of contributing towards a pension fund of insurance companies under section 80CCC? |  |
Ans. The tax benefit of contributing towards a pension fund of insurance companies under section 80CCC is that the amount contributed is eligible for deduction from the taxable income. This deduction is subject to a maximum limit of Rs. 1.5 lakh per financial year.
| 2. Are contributions made towards a pension fund of insurance companies taxable? | |
Ans. No, contributions made towards a pension fund of insurance companies are not taxable. The amount contributed can be claimed as a deduction from the taxable income under section 80CCC of the Income Tax Act.
| 3. Can I claim deductions for contributions made towards a pension fund of insurance companies if I am a salaried individual? | |
Ans. Yes, salaried individuals can claim deductions for contributions made towards a pension fund of insurance companies under section 80CCC. The amount contributed can be claimed as a deduction from the taxable income while calculating the total tax liability.
| 4. Is there a minimum limit for contributions towards a pension fund of insurance companies to avail tax benefits? | |
Ans. No, there is no minimum limit for contributions towards a pension fund of insurance companies to avail tax benefits under section 80CCC. However, it is important to note that the maximum limit for deduction is Rs. 1.5 lakh per financial year.
| 5. Can I claim deductions under section 80CCC for contributions made towards a pension fund of insurance companies if I have already claimed deductions under section 80C? | |
Ans. Yes, you can claim deductions under section 80CCC for contributions made towards a pension fund of insurance companies even if you have already claimed deductions under section 80C. Both sections allow separate deductions for different types of investments and expenses. However, the combined deduction under section 80C, 80CCC, and 80CCD(1) cannot exceed the maximum limit of Rs. 1.5 lakh per financial year.
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Nov 16, 2024 Last updated |
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