Question

Which out of the following assessee is eligible to claim deduction in respect of contribution to certain pension funds under Section 80CCC of Income Tax Act 1961 ?
1. Individual and Firm
2. Only Individual
3. Individual and HUF
4. Firm

Answer 1

Correct Answer - Option 2 : Only Individual

The correct answer is Only Individual

Section 80CCC in Income Tax Act, 1961

Eligibility	This deduction is available only to an individual. HUF and Firms are not eligible for this deduction.
Condition	Taxpayers who make payments or deposits toward the purchase of any annuity plan from a public insurance firm such as LIC or other insurance companies are eligible for a deduction.
Maximum Limit	Overall tax deduction under Section 80CCC limit that can be claimed is Rs. 1,50,000 clubbed with the limit of section 80C and section 80CCD.